SRYB Surrey Bancorp

Surrey Bank & Trust to Sell Insurance Subsidiary

Surrey Bank & Trust to Sell Insurance Subsidiary

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 staff of SB&T Insurance will become employees of Mountcastle Insurance. There will be no interruption in service or coverage in the transition.

Walt Rouse, co-owner of Mountcastle, noted both companies have “aligned values in customer service and commitment to the communities they serve”. “We look forward to rounding out the product offerings available to their existing customers and establishing new relationships in the community,” Rouse said.

Mountcastle Insurance was founded in Lexington in 1890, making it one of the oldest independent insurance agencies in North Carolina and currently has office locations in Lexington and Winston-Salem. Mountcastle Insurance specializes in Commercial and Personal Insurance and Employee Benefits.

Details on Mountcastle Insurance, Inc. are available at .



For additional information, contact
Ted Ashby
(336) 783-3900 
EN
26/01/2021

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