Sterling Financial Acquires Stoudt
NU Online News Service, Jan. 14, 1:20 p.m. EST?Sterling Financial Corporation will acquire Stoudt Advisors, a Lancaster, Pa.-based employee benefits consulting and brokerage firm.[@@]
Stoudt Advisors provides benefit products and consulting services to medium and large-size businesses in the mid-Atlantic region. Stoudt has three divisions: its insurance consulting and brokerage services; CapRIsk, providing financial protection to employer's captive medical, dental and prescription plans; and Lancaster Chamber Health Plan, a joint health plan partnership with the Lancaster Chamber of Commerce that includes over 1,100 employer groups.
Sterling is a financial services organization operating 55 banks under the subsidiary names of Bank of Lancaster County, N.A., Bank of Hanover and Trust Company, First National Bank of North East, Bank of Lebanon County, and PennSterling Bank, in Pennsylvania and Maryland.
The announcement was made by WFG Capital Advisors, LP, which acted as the financial advisor for Stoudt.
The deal is expected to be completed during the first quarter of 2004. Terms of the deal were not released.
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