Community Banks Inc. reported that it reached definitive agreement to acquire Wiley Insurance Agency Inc., located in Mt. Joy, Pennsylvania. Pending necessary approvals, the transaction is expected to be consummated in the second quarter of 2006.
Pursuant to the agreement, Wiley will become a part of CommunityBanks Insurance Services LLC, and will continue to operate as Wiley Insurance Agency. Upon consummation of the acquisition, Michael Hotchkiss, president of Wiley, will become the chief operating officer of CommunityBanks Insurance Services.
Community Banks Inc. is the parent company of CommunityBanks, which operates 72 banking offices throughout central and eastern Pennsylvania, and northern Maryland. In addition to banking services, CommunityBanks offers complete insurance, investment, trust & asset management and title & settlement services.
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