INDIANA, Pa., Oct. 31 /PRNewswire-FirstCall/ -- S&T Bancorp, Inc. and its affiliate Evergreen Insurance Associates, LLC., were recently recognized by the American Bankers Insurance Association (ABIA) as a leader in the bank-insurance industry.
Highlighted in ABIA's 2005 Case Studies of Leading Banks in Insurance, this recognition was based on several factors including commercial insurance growth and productivity as well as integration of banking and insurance products, leadership in the field and innovation.
"We are extremely proud of this recognition," stated Tom Kiral, president of S&T Insurance, LLC. He added, "It further supports the bank's service philosophy of building ongoing customer relationships by providing extraordinary customer service and a full line of financial products that exceed expectations. To be recognized by our peers reinforces the fact that we're doing a lot of things the right way and that our customers view us as a valued advisor."
"S&T Bancorp is a clear leader within our industry," said Beth Climo, ABIA executive director. "We are proud of the model S&T Bank has put together and they offer one of the best examples of banks in the insurance business today, especially in the commercial property and casualty field."
In 1999, federal legislation removed regulatory barriers that prevented affiliations between financial institutions, opening the door for banks to sell insurance. Bank insurance revenue exceeded $40.0 billion in 2004 and is forecasted to increase by another $10.0 billion, according to a study by ABIA.
S&T Bank Insurance, LLC, a subsidiary of S&T Bancorp, Inc., acquired Evergreen Insurance Associates, Inc., a multi-line insurance agency, in August 2002. S&T Bancorp, Inc., is headquartered in Indiana, Pa. With assets of $3.1 billion, S&T Bank operates 50 offices within Allegheny, Armstrong, Blair, Butler, Cambria, Clarion, Clearfield, Indiana, Jefferson and Westmoreland counties.
© 2005 PR Newswire
