SELINSGROVE, Pa. - Sun Bancorp Inc. has unveiled an agreement to buy Mid-Penn Insurance Associates Inc., an independent insurance agency in Sunbury, Pa.
Mid-Penn is owned by Chris Fellon, Cheryl Zellers, and Dan Geise; it has 24 employees catering to the commercial and personal insurance needs of clients in central Pennsylvania. The agency is to keep its name and management team, the banking company said last Monday. Mr. Geise is to join Sun Bancorp's board of directors.
"We are excited about adding Mid-Penn Insurance Associates to the Sun family," said Robert J. McCormack, the president and chief executive officer of Sun Bancorp and SunBank. "Our goal is to serve as a trusted adviser to our clients, and the expansion into insurance services is an ideal enhancement to our product line."
Mr. McCormack also said that the deal for Mid-Penn is not only a strategic fit relative to Sun's customer relationship management philosophy but also a complement to its goal of diversifying revenue sources and increasing fee income. "Our intent is that Mid-Penn will be our foundation agency," he said.
The acquisition is expected to close in early 2003 at an undisclosed price.
