MPB Risk Services, an insurance services provider doing business as MPB Insurance and Risk Management, recently purchase Commonwealth Financial Group, an employee benefits firm doing business as Commonwealth Benefits Group.
MPB Risk Services is a Mid Penn Bancorp company. The purchase enables Mid Penn to expand its insurance offerings.
“This acquisition marks a significant milestone in our growth journey as we expand our capabilities and service offerings to better meet the evolving needs of our clients,” Rory G. Ritrievi, Mid Penn chairman, president, and CEO, said. “Commonwealth Benefits Group has had a strong reputation for excellence in the employee benefits sector for nearly 40 years. By integrating their expertise with our existing financial services, we aim to deliver a more comprehensive suite of services to our clients.”
Dillsburg-based Commonwealth Benefits Group was founded in 1985. Its co-founder and owner, Brad Graffius, will join the Mid Penn.
MPB Risk Services offers insurance to businesses, individuals, and families.
Harrisburg-based Mid Penn Bancorp also is the parent company of Mid Penn Bank, a full-service commercial bank.
Mid Penn operates retail locations throughout Pennsylvania and central New Jersey. It offers a comprehensive portfolio of financial products and services, and has assets totaling approximately $5 billion.