Community Banks Completes Acquisition of Shultz Insurance Agency

June 16, 2003

Pennsylvania-based Community Banks, Inc. (CBI) announced that it has completed its acquisition of Shultz Insurance Agency, Inc. of Hanover. Terms of the acquisition were not disclosed.

“The Shultz Insurance Agency, which has served the Hanover community since 1933, will continue to operate as a division of Community Banks Insurance Services, LLC (“CBIS”), under the name Shultz Insurance Agency in its present facility at 555 Carlisle Street in Hanover,” said the bulletin. “In addition to serving its current clients, the agency will be available to serve the insurance needs of customers of Community Banks.”

CBI President, Chairman and CEO Eddie L. Dunklebarger commented: “The acquisition of Shultz Insurance Agency is an important part of our plans to expand our general lines insurance services. We are delighted to affiliate with an organization with a longstanding reputation for quality service to the Hanover community.”

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