Welcome to the Business Journal Archives
Search for articles below, or continue to the all new BusinessJournalDaily.com now.
Search
"F.N.B. Corp. to Buy Morrell, Butz & Junker Insurance"
"HERMITAGE, Pa. -- F.N.B. Corp. has signed a definitive agreement to purchase Morrell, Butz & Junker Inc., a full-service insurance agency based in Pittsburgh that offers property and casualty, life, and health insurance, and group benefits coverage to both commercial and individual clients.The company will become a part of F.N.B.'s First National Insurance Agency Inc. The acquisition doubles the size of F.N.B.'s insurance division and is expected to be accretive in 2005."This will provide the stable foundation and additional management strength our insurance division needs to grow and prosper," says Stephen Gurgovits, F.N.B. president and chief executive officer.Morrell, Butz and Junker is owned by James J. Morrell, Randall C. Butz, and Stephen P. Lesser. Founded in 1992, it is one of the largest independent insurance agencies in western Pennsylvania, with revenues of $4 million. The firm operates offices in Pittsburgh, Delmont, and Johnstown, Pa., and serves clients in Allegheny, Westmoreland, Indiana, Butler, Fayette, Somerset, Cambria, Bedford and Blair counties.The agency's employees, as well as its owners, will remain with the company, according to James J. Morrell, agency president and CEO.This is the third acquisition by F.N.B. this year. In April, the company's Regency Finance division acquired eight consumer finance offices in the greater Columbus, Ohio, region. In May F.N.B. announced a definitive agreement to merge with Slippery Rock Financial Corp., parent of First National Bank of Slippery Rock.F.N.B. Corp. has total assets of $4.8 billion and is a provider of banking, wealth management, insurance and consumer finance services in western Pennsylvania and eastern Ohio. Last week, F.N.B. reported net income of $15.1 million for the second quarter (read story). F.N.B. Corp. owns and operates First National Bank of Pennsylvania, First National Trust Co., First National Investment Services Co., F.N.B. Investment Advisors Inc., First National Insurance Agency Inc., and Regency Finance Co. F.N.B. also operates consumer finance offices in Tennessee.Visit F.N.B. Corp.: www.fnbcorporation.com"