Summit Financial Group in Moorefield, W.Va., has sold its insurance business.
The $2.3 billion-asset company said in a press release Friday that it had sold Summit Insurance Services to the Hilb Group in Richmond, Va.
Summit said it expects to record a pretax gain of about $2.1 million in the second quarter from the sale. The company also plans to recognize an increase in its tangible book value per share of 55 cents.
Hilb will continue to employ all of the former Summit unit’s insurance professionals. For now, Hilb will continue to use the Summit Insurance Services name and occupy the insurance agency’s offices in Leesburg, Va., and Moorefield.
