Peoples Bancorp (PEBO) in Marietta, Ohio, has bought three insurance agencies in Jackson, Ohio.
The $1.9 billion-asset company said Wednesday that it bought Jackson Insurance Brokerage, FreedomChoice Benefits Group and McNelly Insurance and Consulting Agency. Terms of the acquisitions were not disclosed. The acquisitions of Jackson and FreedomChoice were effective May 15, and the McNelly purchase closed in April.
Peoples expects the acquisitions to add nearly $1.2 million to its annual insurance revenue, which totaled $9.8 million in 2012.
"We are pleased with this opportunity to enhance our insurance capabilities and create a stronger presence for our insurance business in southeastern Ohio," said Peoples President and Chief Executive Chuck Sulerzyski in the news release. "Insurance is a key component in our comprehensive financial services offering."
The acquisitions of Jackson Insurance Brokerage and FreedomChoice will add five insurance salespeople to Peoples' staff.