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Bangor, Maine-based Cross Insurance, a subsidiary of Cross Financial Corp., said Monday it had acquired the A.E. Barnes Insurance Agency of South Weymouth, Massachusetts, for an undisclosed sum.
Under terms of the acquisition, A. E. Barnes, which was founded in 1915, becomes a wholly owned subsidiary of Cross Financial and will continue to operate under the same name.
Former owners Preston Hoffman and Geoffrey Hoffman will continue to manage the South Weymouth office and serve as president and vice president, respectively. The agency’s staff will continue to serve existing and new customers, Cross said in a statement.
“Our acquisition of A. E. Barnes Insurance expands our footprint in Massachusetts and particularly on Boston’s South Shore,” Jonathan Cross, Cross Insurance COO, said in a statement. “They’re a company that epitomizes quality customer service, integrity, hard work, loyalty, and dedication so important to us.”
Cross Insurance owns and operates 14 additional agencies in Massachusetts.
(Reuters) — The U.S. government's review of a landmark 2010 financial reform law will not be complete by early June as originally targeted, and officials will now report findings piece-by-piece, with priority given to banking regulations, sources familiar with the matter said on Monday.