James & Sons Acquires Business of Eich Insurance
BOARDMAN, Ohio – The James & Sons insurance agency has bought the business of Eich Bros Insurance Inc., Tom Costello, president of James & Sons, and Marty Eich, owner and president of Eich Bros, announced Tuesday.
Eich joined Costello in the offices of James & Sons yesterday afternoon to announce the transaction. Terms were not disclosed.
James & Sons is a subsidiary of United Community Financial Corp., Youngstown, whose largest subsidiary is Home Savings Bank.
Eich and his staff of two will move one block south to the James & Sons office, taking the James agency to 17 employees, all licensed to sell insurance, Costello said.
“March 8 is moving day,” Costello said. “That’s when the furniture is being delivered” to 4444 Market St. from 4411 Market St.
The phones lines to Eich Bros will be rerouted to James & Sons and callers to the Eich lines will be greeted with “Eich Bros Insurance” for at least a year, Costello said.
“We are very happy that Marty and his team are joining our agency,” Costello said. “As neighboring agencies, we both have a long history of providing exceptional service and it just makes sense to continue that tradition together.”
In a prepared statement, the president and CEO of UCFC, Gary M. Small, said, “This transaction is a natural step for the Home Savings Insurance Group and consistent with our desire to expand its business.”
As Costello put it, “We’re looking for other opportunities beyond the [Mahoning] Valley.”
Marty Eich will retain ownership of the building that houses the Eich agency – it has two tenants – and expects to sell it eventually.
The Eich Bros insurance agency was founded in 1961. Eich’s grandfather, Lawrence, established L.W. Eich Insurance in 1928, which led to the combined efforts of his sons to form Eich Bros Insurance Inc. Marty Eich joined the agency in 1991 and became a principal in 1995.
C. Gilbert James founded James & Sons in 1921. UCFC acquired it in January 2016.
Pictured: Tom Costello congratulates Marty Eich on the sale of his business to James & Sons.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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