Mellon Bank to Add Property and Casualty Insurance to Its Portfolio

Mellon Bank, N.A. and Clair Odell Group today announced an agreement through which Mellon will acquire Clair Odell Group, a full-service property and casualty insurance agency based in Plymouth Meeting, PA, serving the insurance and risk management needs of companies from all business sectors.

The agreement provides the business community with a single-source provider of comprehensive financial services and insurance products. Mellon will gain expanded insurance product capabilities and the sales and marketing expertise of Clair Odell Group. Clair Odell Group and its customers will benefit from access to Mellon's broad array of banking, trust and investment services.

"Clair Odell Group is a well run agency with an excellent range of insurance products and services. They represent most of the major insurers and have a strong history of serving the insurance and risk needs of businesses and their owners," says Martin G. McGuinn, chairman and CEO of Mellon Bank, N.A. "Our goal is to provide comprehensive financial services to meet our customers' needs. With Mellon's broad array of distribution channels, we can provide insurance and financial services products conveniently and efficiently to our commercial customers."

"This merger represents an exciting new opportunity for our clients, employees and insurers," says Frank D. Svitek, president and CEO of Clair Odell Group. "The powerful combination of the personalized service and attention of our senior management and staff, backed by the financial resources and other services of Mellon Bank, will provide the best of both worlds to our clients, employees and insurers. We are proud to join the extremely well run and respected Mellon organization as we continue our second 50 years of dedicated service to the insurance industry and the community."

With approximately $71 million in annual premiums placed, Clair Odell Group is one of the largest independent agencies in eastern Pennsylvania and the 75th largest privately owned agency in the United States based on revenues. In addition to property and casualty lines, Clair Odell Group provides a full range of life and health, employee benefits, surety and personal lines insurance services. Under the agreement, which is expected to close by the end of the second quarter, Clair Odell Group will become a Mellon subsidiary under the direction of its current management team, and will retain its identity and its operational and professional independence. Its staff of approximately 90 will become employees of Mellon.