Exchange Underwriters Inc. merged with Pittsburgh-based independent insurance agency Beynon Insurance, effective Aug. 1.
In connection with the merger, William Cunningham will join Exchange Underwriters as COO. Beynon Insurance President Richard Beynon will join Exchange Underwriters as a consultant and a director.
Beynon Insurance clients will continue to work with the people that currently service them. There will also be no changes to current carriers and policies.
Beynon Insurance, a subsidiary of Beynon Real Estate and Insurance Co., offers property and casualty, liability and other insurance products for businesses and individuals. Exchange Underwriters is a wholly owned insurance subsidiary of Community Bank, which is part of CB Financial Services Inc.
Separately, CB Financial reported second-quarter net income of $1.1 million, or 22 cents per share, compared with $1.8 million, or 44 cents per share, in the prior-year quarter. A one-time merger expense of $614,000 primarily affected the company's net income for the recent quarter.