United Community Financial, holding company of The Home Savings and Loan Company, announced that it has signed a definitive agreement to acquire James & Sons Insurance.
The agency will continue to operate as James & Sons Insurance and will remain at its current location. The transaction is expected to close in the first quarter of 2016.
Gary M. Small, President and CEO of Home Savings and UCFC, said, "We are very pleased to be partnering with the James & Sons organization. They are a well-established and highly regarded agency with a rich history in the Valley. We are proud to have the opportunity to carry on their legacy as we share the same high standards for customer service and a strong commitment to the community."
Tom Costello, who has been with James & Sons for 35 years, will continue as President. "I am looking forward to working with Tom. His reputation and experience in the community is unmatched," Small concluded.
"We are delighted to partner with the Home Savings team. Together, we will continue the strong James & Sons tradition established by Bill and Gib James. Our entire staff remains committed to the service of our clients and our community," said Tom Costello, President of James & Sons.
This transaction marks the initial step in the formation of The Home Savings Insurance Group. Home Savings looks forward to expansion of the insurance business via organic growth coupled with a selective acquisition strategy.
James & Sons Insurance is a local insurance agency established in 1921. Operating independently, they work with regional and national insurance companies offering coverage at the most competitive rates available.
James & Sons offers a wide variety of insurance products for business and residential customers, which include, auto, homeowners, life-health, commercial, surety bonds, aviation and much more.