Phoenix Group, an independent insurance agency and employee benefits company in Ripon, Wis., and a subsidiary of Hometown Bancorp, said Friday that it had bought Union Bank Insurance Group in Peru, Ill.
It was the fifth acquisition in five years, Phoenix Group said, and it is expected to expand sales and assets by more than 40%, to about $74 million annually.
Union Bank Insurance Group has become Phoenix Group of Illinois, a subsidiary of Phoenix Group of Wisconsin, which is a wholly owned subsidiary of Hometown Bancorp Ltd. The deal gives Phoenix access to niche markets, including restaurants, hotels, and school districts.
Phoenix has Wisconsin branches in Wautoma, Ripon, Clintonville, Oconto Falls, and Fond du Lac and an Illinois branch in Peru. It sells personal and business lines insurance and employee benefits.
