Sandy Spring Bank, a subsidiary of Sandy Spring Bancorp, announced that Sandy Spring Insurance Corporation has reached an agreement to acquire certain assets & liabilities of Wolfe & Reichelt Insurance Agency, located in Burtonsville, Maryland.
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“It has been our goal to broaden our insurance agency business in the markets we serve. This opportunity allows us to serve the small business community in the Montgomery County area and complements the products and services we already offer through Chesapeake Insurance Group,” said President & CEO, Hunter Hollar. Hollar also noted that Wolfe & Reichelt’s outstanding reputation for superior client service makes this a great fit for both firms.
Wolfe & Reichelt is a general insurance agency serving the Montgomery County market with approximately $700,000 in annual revenues. Their primary focus has been commercial lines of business with some personal lines. Principals Charles Reichelt and James Hutchinson will continue in a sales and servicing capacity. Another principal, Roger Wolfe, will be retiring, however, he will reportedly be an integral part of the transition. “Wolfe & Reichelt has had a great relationship with Sandy Spring Bank over the years and we are excited about the opportunity to contribute to their success,” said Reichelt.
The transaction is expected to be completed in the 4th quarter 2004, pending regulatory approval.
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