COLUMBIAN FINANCIAL GROUP ANNOUNCES THE COMPLETION OF THE
MERGER OF MUTUAL OF DETROIT INSURANCE COMPANY INTO
COLUMBIAN MUTUAL LIFE INSURANCE COMPANY
MERGER OF MUTUAL OF DETROIT INSURANCE COMPANY INTO
COLUMBIAN MUTUAL LIFE INSURANCE COMPANY
Binghamton, New York - December 1, 2008 - Columbian Financial Group, based in Binghamton, NY, announced today the completion of the merger of Mutual of Detroit Insurance Company, based in Plymouth. MI, with and into Columbian Mutual Life Insurance Company.
The Columbian Financial Group of life insurance companies is licensed in all 50 states and has 260 full-time employees. The lead company in the group, Columbian Mutual, is domiciled in New York. Columbian Mutual celebrated its 125 year history in 2007 and has been a stable employer headquartered in the Greater Binghamton area for the last 100 years! In 2006 and 2007, Columbian completed mergers with Philanthropic Mutual Life Insurance Company and Farmers & Traders Life Insurance Company, respectively. The combination with Mutual of Detroit further enhances Columbian's overall financial strength by adding over $17 million to surplus and bringing Columbian's total assets to over $1 billion.
"I am both excited and very pleased with the completion of this transaction," said Thomas E. Rattmann, Chairman, President and Chief Executive Officer of Columbian Mutual Life Insurance Company. "I am confident that this merger, as well as our two mergers in 2006 and 2007, has created a new, stronger and more vibrant organization, further enhancing our financial strength and benefitting all of our policyholders, field associates and employees.
Mutual of Detroit policyholders become policyholders of Columbian Mutual and their policy provisions will not change. Employees will be maintained in Plymouth, MI as well as in Columbian Mutual's Home Office in Binghamton, NY and its Administrative Offices in Syracuse, NY and Atlanta, GA.