VIST Financial Insurance Subsidiary Ranked in Top 10 Nationwide
October 27 2008 - 4:10PM
PR Newswire (US)
WYOMISSING and BLUE BELL, Pa., Oct. 27 /PRNewswire-FirstCall/ --
VIST Financial (NASDAQ:VIST) ranks in the top 10 bank holding
companies nationally for insurance revenue as a percentage of
non-interest income, according to a report released by Michael
White Associates and the American Bankers Insurance Association.
The report based the rankings of the top 50 bank holding companies
on the absolute dollar amount of total insurance revenue and on
total insurance revenue as a percentage of the institution's total
non-interest income for the first six months of 2008. VIST
Financial ranked 6th on the list with 60.4% of non-interest income
being generated by the bank's insurance operations, VIST Insurance.
The company ranked 45th in absolute dollars of revenue generated
with $5.4 million for six month period ended June 30, 2008. "We're
proud of these national rankings which show some of the results of
our strategic commitment to meet all the financial needs of
businesses and individuals," said Robert Davis, President &
Chief Executive Officer of VIST Financial. "When we first explored
moving beyond just banking and delving into insurance, our primary
consideration was to be a trusted advisor for our customer's
financial needs while at the same time being able to lessen our
company's dependence on interest income." "Offering insurance along
with our banking and investment services provides a diverse revenue
stream in good times and bad," continued Davis. "In uncertain
economic times such as these and a falling rate environment as
we've experienced this year, the income generated by our insurance
operations helps to stabilize our bottom line." The company was one
of the first in the nation to acquire an insurance agency when it
acquired the 100+ year-old Berks County-based Essick & Barr
Insurance in 1998. Since then, the company has gone on to acquire
multiple agencies in Southeastern Pennsylvania. VIST Financial
(formerly Leesport Financial Corp.) is a diversified financial
services company with corporate headquarters in Wyomissing, PA, and
regional headquarters in Blue Bell, PA, offering banking,
insurance, investments, and wealth management services throughout
Berks, Southern Schuylkill, Montgomery, Delaware, and Philadelphia
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 CONTACT: Loren Berckey, Assistant Vice President,
Advertising & Public Relations of VIST Financial,
+1-610-603-7245, Web site: http://www.vistfc.com/
Copyright
VISTERRA, INC. (NASDAQ:VIST)
Historical Stock Chart
From Jun 2024 to Jul 2024
VISTERRA, INC. (NASDAQ:VIST)
Historical Stock Chart
From Jul 2023 to Jul 2024