Rainier Pacific Financial Group Inc. reported that its wholly-owned subsidiary, Rainier Pacific Bank, has completed its acquisition of the property and casualty insurance businesses of Christopherson-Boze Insurance Services Inc. and Holman Insurance Agency Inc.
Wallace Christopherson, the former owner and president of the two agencies, was appointed as a vice president of the Bank and will assume leadership responsibilities of the Bank’s insurance services unit. The Bank had previously announced the signing of a purchase and sale agreement on Dec. 21, 2005.
The Bank purchased the insurance businesses for $3.5 million and anticipates these acquisitions will be modestly accretive, adding approximately $0.02 per share to 2006 earnings.
Rainier Pacific Financial Group Inc. is the bank holding company for Rainier Pacific Bank, a Tacoma, Washington based state-chartered savings bank, operating 13 branch offices in the Tacoma-Pierce County and City of Federal Way areas.
Topics Agencies Washington
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