CoBiz Financial has announced an agreement to acquire the assets and employees of Bernard Dietrich & Associates through its subsidiary, CoBiz Insurance.

Bernard Dietrich & Associates (BDA) provides commercial and personal property and casualty insurance brokerage, and risk management consulting services to individuals and businesses.

The Arizona-based agency will operate under the name CoBiz Insurance upon closing, which is projected for January 1, 2008. It will continue operating under its current management team with Frank Pugh serving as president of CoBiz Insurance’s Arizona operations and Larry Mueller serving as senior vice president. Paul Boehm will continue to serve as president of CoBiz Insurance’s Colorado operations. BDA will extend the scope of CoBiz’s insurance segment, which includes CoBiz Insurance and financial designs which is currently focused on Colorado.

Mr Pugh said: This acquisition also further increases the size of our Arizona operations which – thanks to the continuing growth of Arizona Business Bank – are an increasingly important part of our company. With this acquisition, we will be better able to serve the complete financial needs of businesses, business owners and professionals in that state.