USI to Acquire Wells Fargo's Boardman Office, 41 Others
YOUNGSTOWN, Ohio – The Mahoning Valley office of Wells Fargo Insurance, 8561 Market St. in Boardman, is one of 42 Wells Fargo offices nationwide that will be sold to USI Insurance Services.
Terms of the transaction were not disclosed; it’s expected to take effect in the second quarter.
“All Wells Fargo team members who are actively working” at the offices to be sold “at the time the transaction closes will be offered continuous employment by USI,” Wells Fargo said in its announcement.
Wells Fargo explained it is selling its “primarily smaller regional insurance brokerage and consulting locations” so the company can “strengthen insurance operations in key U.S. markets.”
Wells Fargo is based in San Francisco. With $1.5 trillion in assets, it provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, the Internet and its offices in more than 35 countries. The company employs 270,000.
USI, based in Valhalla, N.Y., is the nation’s third largest privately held insurance broker. The company employs 4,000 including the staff at its office in Boardman, which USI acquired in September 2011 from the former First Place Financial Corp. (READ STORY).
Under the agreement with Wells Fargo, USI is acquiring its offices in Dayton, Erie, Pa., and six offices in West Virginia. CLICK here to read the full list.
Published by The Business Journal, Youngstown, Ohio.
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