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Sterling Sells Benefits Broker

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The head of a bank-owned insurance firm has acquired the firm from the bank.

David Stoudt, president of Corporate Healthcare Strategies L.L.C., Lancaster, Pa., has bought the benefits broker from Sterling Financial Corp., Lancaster, a midsize bank holding company.

Stoudt also has acquired a Corporate Healthcare sister company, Professional Services Group, a human resources consulting business, Sterling says.

Sterling has sold the accounts of a third business, Lancaster Insurance Group L.L.C., to Murray Insurance Associates Inc., Lancaster, a company that has been servicing the accounts since 1999.

Sterling announced in October, when it sold a health stop-loss insurance managing general underwriter, that it had decided the insurance operations were not a good match for the banking operations.

“While we found offering these additional services to our customers beneficial as Sterling-owned affiliates, they never became meaningful contributors to the bottom line,” J. Bradley Scovill, Sterling’s chief revenue officer, says in a statement. “We will continue to provide real estate settlement-title insurance services and offer products such as annuities and life insurance as well as credit-related insurance products.”