VIST Insurance Announces the Acquisition of Fisher Benefits Consulting
September 04 2008 - 2:58PM
PR Newswire (US)
WYOMISSING, Pa., Sept. 4 /PRNewswire-FirstCall/ -- VIST Insurance
LLC, a division of VIST Financial Corp. ("Company") (NASDAQ:VIST)
announced today the acquisition of Fisher Benefits Consulting.
Founded by David W. Fisher, owner, Fisher Benefits, a 25+ year- old
Employee Benefit Firm, is located in Pottstown, PA. VIST Financial,
formerly Leesport Financial Corp., was the first Berks County-based
bank to acquire an insurance agency in December, 1998. Since that
time VIST Insurance, formerly Essick and Barr, LLC has acquired
three additional insurance agencies and has grown its insurance
revenue to $12 million, which places VIST near the top nationally
among bank-owned insurance agencies. The acquisition of Fisher
Benefits Consulting is expected to add $1 million in annual
revenues to the insurance line of business and will expand our
market presence between VIST Insurance located in Wyomissing, Berks
County and the VIST Insurance office in Blue Bell, Montgomery
County. The transaction closed September 1, 2008 and will be
immediately accretive to VIST Financial's earnings. No change in
staff or operations at Fisher Benefits is expected. Within 6-months
Fisher Benefits Consulting will carry the VIST Insurance brand
name. "During a time when the banking industry is struggling with a
challenging operating environment, driving stable fee income is
more important than ever," stated Robert Davis, President and Chief
Executive Officer of VIST Financial. "By acquiring an additional
insurance agency, that really sets us apart from the mainstream of
community banks that are interest differential reliant," he added.
"Our clients will reap the benefits of being part of a larger
organization that will be able to provide them with personal lines
and property and casualty insurance, banking services and
investment advisory services," stated David Fisher, owner Fisher
Benefits Consulting. "It's a win-win for VIST Financial and for
us," he added. "VIST Insurance provides a full-suite of insurance
services including property and casualty insurance, human resource
consulting services, employee benefit planning and consulting and
personal lines insurance," stated Michael Herr, Chief Operating
Officer, VIST Insurance. "By expanding our reach into the Pottstown
area through this acquisition, we will be able to provide
one-on-one local expertise to the area businesses and individuals,"
he added. VIST Financial (formerly Leesport Financial Corp.) is
diversified financial services company headquartered in Wyomissing,
PA, offering banking, insurance, investments, wealth management,
and title insurance services throughout Berks, Southern Schuylkill,
Montgomery, Delaware, Philadelphia and Lancaster Counties. This
release may contain forward-looking statements with respect to the
Company's beliefs, plans, objectives, goals, expectations,
anticipations, estimates, and intentions that are subject to
significant risks and uncertainties, and are subject to change
based on various factors, some of which are beyond the Company's
control. The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company DATASOURCE:
VIST Financial Corp. CONTACT: Michael Herr, Chief Operating
Officer, +1-610-603-7462, , or James G. Turner, Chief Sales
Officer, +1-215-274-7403, , both of VIST Insurance Web site:
http://www.vistfc.com/
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