Wednesday, July 9, 2008

Central Bancorp completes Van Gilder deal

Central Bancorp Inc. completed its purchase of Van Gilder Insurance Corp.'s Colorado Springs office on July 1, making its CB Insurance unit one of the largest locally owned insurance brokers in the Colorado Springs area.

"This acquisition creates tremendous opportunities, both for our firm and our new insurance clients," said Steve Schneider, president of CB Insurance. "We are anxious to move forward with our business strategies now that this acquisition is closed, and will continue to add resources and talent to better serve clients of CB Insurance and the other divisions within Central Bancorp."

The Van Gilder office employed 23 and last year generated $3 million in commissions on premiums totaling about $35 million. The local operation was founded as Bennett-Shellenberger Co. in 1890, was acquired by Norm Coleman in 1959 and was sold to Van Gilder in 1998. Central also owns mortgage, title insurance, wealth management and trust operations and plans to open a bank later this month.

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