Ameriana Divesting Insurance Subsidiary
New Castle-based Ameriana Bancorp (Nasdaq: ASBI) has agreed to sell its Ameriana Insurance Agency subsidiary. The deal with Pfenninger, Claxton and Estelle Insurance Group, also located in the Henry County city, is valued at nearly $2 million.
The transaction is set to close by the end of the year. Ameriana Bancorp owns Ameriana Bank, the insurance agency and a securities and insurance products business, Ameriana Financial Services.
The deal is still subject to terms and closing conditions.