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August 01, 2001 at 08:00 PM
NU Online News Service, Aug. 1, 1:04 p.m. – Oak Hill Financial Inc., Jackson, Ohio, a banking holding company, has agreed to acquire Innovative Financial Services Inc., a Jackson insurance agency, for $2.7 million in unregistered Oak Hill common stock.
Innovative, which operates under the name McNelly, Patrick & Associates, sells health insurance, 401(k) plans and other employee benefits to 300 employers.
Oak Hill has set aside $180,000 for expenses related to the acquisition, but it says it will keep the McNelly name and the current agency managers. It expects the agency to earn $369,000 on $2.3 million in the first 12 months after it completes the acquisition.
