National Penn Bancshares Inc. announced Friday that it has bought D.E. Love Associates Inc., a full-service insurance agency in Yardley, Pa.
The deal closed Nov. 30, National Penn said. D.E. Love is to operate as a division of National Penn Insurance Agency Inc., and Duane E. Love, who established the agency in 1980, is to be president of the new unit, the Boyertown, Pa., banking company said.
D.E. Love offers personal and commercial property and casualty insurance, as well as employee benefits programs through its relationships with regional and national insurance carriers. It has 21 employees and a principal presence in Bucks County, Pa.
Mark S. Swartley, the president of National Penn Insurance Agency, said in a press release that the opportunity to expand into southern Bucks County was the deal's main motivation.
National Penn Bancshares is a $4.34 billion-asset financial services company that operates 73 community offices in southeastern Pennsylvania through National Penn Bank and its FirstService, HomeTowne Heritage, and Peoples Bank of Oxford divisions.
