UnionBanCal Corporation announced that its Union Bank of California, N.A. subsidiary signed a definitive agreement to purchase Fullerton, Calif.-based Armstrong/Robitaille Business and Insurance Services, a regional insurance broker with offices in California and Oregon. Terms of the deal were not disclosed.
The pending purchase reflects the bank’s desire to provide added value to its commercial customers by offering a broader range of business and financial services. Founded in 1979, Armstrong/Robitaille offers an array of cost-effective risk management services and insurance products to small and mid-sized companies. In addition to insurance, Armstrong/Robitaille’s risk management services include individually tailored claims management, in-house loss control, and human resources consulting.
Armstrong/Robitaille will retain its name and will continue to operate from its five offices in northern and southern California, and in Portland, Ore. It also has plans to continue its growth in key strategic geographic areas, mostly on the West Coast.
The brokerage firm, which employs 160 people, will operate as a subsidiary of UBOC Insurance Inc.
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