National Penn Bancshares, Inc. (Nasdaq: NPBC) in Boyertown, Pa., parent company of National Penn Bank, has acquired Pennsurance, Inc. (“Pennsurance”), an insurance agency headquartered in Oley, Pa. Pennsurance was merged into National Penn Bank’s insurance agency subsidiary, FirstService Insurance Agency, Inc.
Pennsurance will retain its name and operate as a division of FirstService Insurance. Thomas J. Mitchell, chief executive officer of Pennsurance, will remain with the organization as president of the Pennsurance division. William R. Griffith, president of Pennsurance, will become an executive vice president of the division. Both have been with Pennsurance since its founding in 1997.
Wayne R. Weidner, chairman and CEO of National Penn, said, “This is a key acquisition for us because it expands and strengthens our insurance services. The expansion of our insurance business is an important component of National Penn’s continuing development as a full service financial services provider.”
National Penn Bancshares, Inc. (Nasdaq: NPBC) is currently a $4.2 billion company operating 73 community offices in southeastern Pennsylvania through National Penn Bank and its FirstService, HomeTowne Heritage and The Peoples Bank of Oxford Divisions.
Topics Mergers & Acquisitions
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