Beynon Insurance merging with Exchange Underwriters
July 31, 2018
By Patty Tascarella
Pittsburgh Business Times
CB Financial Services Inc. on Monday announced the merger of its subsidiary, Exchange Underwriters, and Pittsburgh-based Beynon Insurance, effective Wednesday. Terms were not disclosed.
Based in Carmichaels, CB Financial (Nasdaq: CBFV) is one of the Pittsburgh region’s largest financial institutions.
Beynon Insurance, established in 1912, is part of Beynon Real Estate and Insurance Co. Exchange Underwriters, based in Washington, Pennsylvania, started in 1952.
“We are excited to bring the Beynon Insurance employees into the Exchange Underwriters family," Exchange Underwriters President Richard Boyer said in a prepared statement. “We are both independent insurance agencies that offer stability, knowledge, experience, personalized service and a consultative insurance approach to our customers.”
William Cunningham will join Exchange Underwriters management team as COO, his role at Beynon Insurance. Richard Beynon, who will serve as a consultant and a director, said in a release that the insurance company merger was "a great fit for our employees and customers."
Beynon Real Estate will continue to be owned and operated by the Beynon family with Richard Beynon as president and Robert Beynon as chairman.
“Beynon Insurance is a well-known Pittsburgh-based agency,” Patrick O’Brien, CB Financial president and CEO, said in a prepared statement. “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, we are truly excited about our expanded footprint into new markets and expanded product offering.”