A statement, issued by financial consultants North Bridge Advisors, gives details of the acquisition by its client, Leesport Financial Corp., of Wyomissing, Penn, of CrosStates Insurance Consultants, Inc., a full-service insurance agency specializing in personal and commercial property-and-casualty insurance.
Headquartered in Langhorne, Penn, CrosStates has offices in Bala Cynwyd, Birdsboro, Laureldale and Hatboro. With more than $1.5 million in annual revenues, it ranks among the top 5 percent of the state’s insurance agencies.
According to Gerald C. Vigneron, managing director of the Concord, Mass. based consulting firm, “The acquisition of this growing agency is another key piece in Leesport’s highly successful strategy to diversify into insurance sales”
Leesport’s Chairman, President, and CEO Raymond H. Melcher, Jr. commented, “CrosStates Insurance broadens our personal lines insurance business substantially, thus further enhancing the insurance service we can offer to our banking, insurance and wealth-management clients. The insurance business offers a tremendous opportunity for growth and we are very pleased to add CrosStates to our already substantial full- service insurance business. This acquisition further enhances our one-stop-shop strategy and provides us with both in-market and expansion opportunities.”
Leesport Financial Corp. is a diversified financial services company serving Berks, Montgomery, and southern Schuylkill Counties. The bulletin indicated that “CrosStates Insurance in Bucks County will join Essick & Barr in Berks County and The Boothby Group in Montgomery County as part of the insurance division of Leesport Financial Corp. The seller, William J. Loose, will serve as president of the CrosStates division that will focus on personal lines and small-business insurance services.” CrosStates Insurance will keep its name and remain headquartered in Langhorne.
The announcement also noted that “The $1.5 million of new revenues when combined with Essick & Barr and The Boothby Group will put Leesport Financial’s total insurance annual revenues above $10 million.”
Topics Mergers & Acquisitions
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