National Penn Bancshares Inc. (Nasdaq: NPBC), parent company of National Penn Bank, has acquired Krombolz Agency Inc., a 70-year-old, family-owned insurance firm based in West Chester, Pa.
The acquisition adds another firm to National Penn Bank’s growing insurance group. This is the third insurance agency that National Penn has acquired in the last nine months. It added Pennsurance, a Berks County agency, in July, and D.E. Love Associates, of Yardley, Bucks County, in December.
KAI will operate as a division of National Penn Insurance Agency, Inc., an affiliated insurance agency and non-bank subsidiary of National Penn Bank. Ernest H. (Skip) Krombolz, Jr., president of KAI, will remain as president of the Krombolz Agency division.
The acquisition is part of National Penn’s broad strategy to be customer focused, according to Glenn E. Moyer, president, National Penn Bancshares . “We are responding to customers’ requests for services that complement and enhance our traditional banking relationships,” Moyer said.
KAI, which has seven employees, offers property, liability, workers compensation, auto and bonding services, as well as individual life and health products. The majority of KAI’s business is focused on the commercial market.
Mystic Capital Advisors Group LLC provided acquisition advisory services to National Penn Insurance for the transaction.
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