CB Financial announces insurance merger
CB Financial Services Inc. continues to expand its footprint.
The Carmichaels-based firm announced Monday afternoon that its insurance subsidiary, Exchange Underwiters Inc., has merged with Beynon Insurance of Pittsburgh. The deal will take effect today.
Terms of the merger were not disclosed. CB Financial said that based on combined annual revenue, Exchange Underwriters will become one of the largest insurance agencies in the Pittsburgh area.
CB Financial, the holding company of Community Bank, is bringing together two of the region’s longtime locally owned, independent insurance agencies. Beynon, a wholly owned subsidiary of Beynon Real Estate and Insurance Co., began operations in 1912. Exchange Underwriters was established in 1952.
Pat O’Brien, CB’s president and chief executive officer, said, “Beynon Insurance is a well-known … agency. This combination is consistent with our increasing focus on the greater Pittsburgh market.
“Additionally, when you combine this transaction with our recently completed merger with First West Virginia/Progressive Bank, a Wheeling and Ohio Valley bank, we are truly excited about our expanded footprint into new markets and expanded product offering.”
It was announced in November that CB Financial and First West Virginia Bancorp Inc., the holding company for Progressive Bank N.A., had agreed to merge in a cash and stock transaction valued at about $49 million. The merger took effect in late April.
CB Financial, in the interim, has been moving into a new corporate center in North Franklin Township, near Wild Things Park. The company has become one of the Pittsburgh area’s largest financial operations.
William Cunningham, chief operating officer with Beynon Insurance, will assume that position with Exchange Underwriters. Richard Beynon will serve as a consultant and director of Exchange Underwriters.
Richard Beynon also is president of Beynon Real Estate, which will continue to be owned and operated by his family. Robert Beynon is chairman of the board.
Richard Boyer, president of Exchange Underwriters, said, “We are excited to bring the Beynon Insurance employees into the Exchange Underwriters family. We are both independent insurance agencies that offer stability, knowledge, experience, personalized service and a consultative insurance approach to our customers.”