Sandy Spring Bank in Olney, Md., said Thursday that its insurance unit has reached an agreement to acquire certain assets and liabilities of Wolfe & Reichelt Insurance Agency in Burtonville.
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The transaction, which requires regulatory approval, is expected to be completed this quarter. The subsidiary of the $2.5 billion Sandy Spring Bancorp Inc. did not say how much it would pay.
Wolfe & Reichelt, a general insurance agency, generates about $700,000 of annual revenue. It provides commercial lines of business and some personal lines. Sandy Spring provides lending and other services to businesses and consumers in Maryland.
