MOOREFIELD, W. Va.–(GLOBE NEWSWIRE)–Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) today announces the sale of its insurance agency, Summit Insurance Services (“SIS”) to The Hilb Group (“THG”), effective May 1, 2019. As result of the sale, Summit expects to record an estimated pre-tax gain of $2.06 million in its results of operations for second quarter 2019 and recognize an approximate $0.55 per share increase in its tangible book value per share in the same period.
Clients of SIS will not see any disruption in service and can expect to soon benefit from an expanded line of insurance products and services. THG is a leading middle market insurance agency headquartered in Richmond, Virginia. THG has 75 offices in 18 states and is among the 30 largest insurance agencies in the United States. THG will continue to employ all of SIS’ insurance professionals, and in the near term, will continue to do business under the “Summit Insurance Services” name as well as continue to occupy its present offices in Leesburg, Virginia and Moorefield, West Virginia.