ESSA Bank & Trust, a wholly-owned subsidiary of Pennsylvania-based ESSA Bancorp, has completed the purchase of benefit consulting insurance businesses of William Harrison and David Lilly, two Lehigh Valley-based insurance agents who have been serving across the eastern Pennsylvania for over twenty years.
Following this transaction, the new companies will be known as ESSA Advisory Services, and will be a subsidiary of ESSA Bank & Trust.
In addition owners William Harrison and David Lilly, along with their staff members, will join ESSA Advisory Services.
ESSA Advisory Services will continue to operate as a full-service insurance benefits consulting company, offering group services such as health insurance, life insurance, short term and long term disability, dental, vision and 401(k) retirement planning as well as individual health products.
ESSA Bancorp president and CEO Gary Olson said this acquisition underscores the long-term strategy of offering products and services that help to meet all of the financial needs of its customers.
"The acquisition of these companies extends our business banking platform and creates an opportunity to win market share in an increasingly important area of the financial services industry," Olson said.