Northwest Savings Bank has agreed to purchase an employee benefits and property and casualty insurance firm,The Bert Insurance Group,for an undisclosed sum.
As part of a definitive agreement signed between both parties,Bert will operate as a subsidiary of Northwest and its former owner,Douglas Bert,will remain with the company as president of Northwest's insurance operations.
The acquisition will expand the scope of Northwest Savings'services to include property and casualty insurance,according to Bert.
Co-founded in 1994 by J.Boyd Bert Jr.,the insurance group focuses on estate liquidity needs,commercial and personal insurance planning and employee retirement benefit planning.
As a full-service financial institution,Northwest currently manages$8bn of assets and operates 166 community-banking locations in Pennsylvania,New York,Ohio,and Maryland.