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Surrey Bank & Trust to Sell Insurance Subsidiary
Surrey BancorpJanuary 26, 2021 GMT
MOUNT AIRY, N.C., Jan. 26, 2021 (GLOBE NEWSWIRE) The Board of Directors of Surrey Bank & Trust has entered into an agreement to sell its wholly owned subsidiary, SB&T Insurance, to Mountcastle Insurance, a full-service independent agency headquartered in Lexington, North Carolina. The transaction will close on or before February 1, 2021.
Tina Johnson, Senior Vice-President of SB&T Insurance, stated the transaction would provide customers of SB&T Insurance access to a larger number of insurance carriers for existing lines of business, new insurance markets, and greater depth in back-office servicing and support. “The alignment will benefit our customers and our community,” Johnson said. The agency will continue to operate at its existing location at 199 North Renfro Street in Mount Airy. The entire