Surrey Bank & Trust to sell SB&T Insurance to Mountcastle Insurance
North Carolina-based Surrey Bank & Trust has agreed to divest SB&T Insurance, its fully-owned subsidiary, to Mountcastle Insurance for an undisclosed price.
SB&T Insurance is an independent insurance agency, which specializes in providing home, auto, and business insurance in Mount Airy and other communities in Surrey County, North Carolina.
On the other hand, Mountcastle Insurance is a full-service independent agency based in Lexington, North Carolina.
The acquisition will be completed on or before 1 February 2021.
According to Tina Johnson, Senior Vice-President of SB&T Insurance, the deal will give the company’s customers access to a larger number of insurance carriers for existing lines of business, new insurance markets, along with increased depth in back-office servicing and support.
Tina Johnson said: “The alignment will benefit our customers and our community.
SB&T Insurance will continue its operations at its present Mount Airy location. Its entire staff will become employees of Mountcastle Insurance and there will not be any interruption in service or coverage in the transition.
Mountcastle Insurance, which was founded in 1890, is among the oldest independent insurance agencies in North Carolina. Currently, the insurance agency has offices in Lexington and Winston-Salem.
Mountcastle Insurance is specialized in providing commercial and personal insurance and employee benefits.
Walt Rouse – co-owner of Mountcastle Insurance said: “Aligned values in customer service and commitment to the communities they serve.
“We look forward to rounding out the product offerings available to their existing customers and establishing new relationships in the community.”