SPRINGFIELD, Ore. — SELCO Insurance Services, a wholly owned subsidiary of SELCO Community Credit Union, said Wednesday it has completed acquisition of Hillsboro, Ore.-based M & M Insurance LLC.
The transfer of ownership was completed on Jan. 15, with the transition of M & M Insurance's agency business and downtown Hillsboro office space to SELCO Insurance Services.
SELCO Insurance Service's parent company, SELCO Community CU, is the third-largest Oregon-based credit union with more than $1 billion in assets and more than 100,000 members.
SELCO Insurance Services, an independent, multi-line insurance agency, has been serving Oregonians since 1982. Its licensed agents represent home, auto, life, health and commercial insurance lines to 4,300 clients. Credit union membership is not required to use the insurance agency.
M & M Insurance was founded in 2001 by Mike and Maureen Balanesi. The Balanesis provided property, casualty, life and health insurance services to more than 400 clients. They are retiring from business with the sale of their agency to SELCO Insurance Services.
"We are honored that M & M selected us as their partner to continue their business," Bob Newcomb president and CEO of SELCO Companies, said in a statement.
SELCO Community CU has a network of 16 branches throughout western and central Oregon, including two in Northwest Portland.