Sutter Holding Co. Inc. in San Francisco said it has signed a merger agreement with Diversified Risk Insurance Brokers, a commercial property and casualty insurance broker in Emeryville, Calif.
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The consideration to be paid to Diversified Risk's shareholders is in cash and common stock, Sutter said on Monday.
Diversified Risk's shareholders are to be entitled to nominate two members of Sutter's board of directors, and all of its employees have agreed to long-term employment agreements with Sutter.
