Press Releases
NexTier Insurance secures property & casualty insurance
for precedent-setting pharmaceutical manufacturer
January 31, 2008 – NexTier Insurance is pleased to announce an insurance partnership with a company that recently distinguished itself as the first Minority Business Enterprise manufacturer of active pharmaceutical ingredients in the country.
NexTier expanded its property & casualty insurance business relationship with customer Cherokee Pharmaceuticals, LLC for coverage of its recent acquisition of Merck & Co.’s Riverside, PA -based pharmaceutical manufacturing facility.
Cherokee stepped up to purchase the facility when Merck & Co., in an historic first-of-its-kind transaction, decided to spin off the 170-acre production and manufacturing campus. Cherokee is a wholly owned subsidiary of PRWT, Inc. Cherokee has retained the plant’s 400 jobs and will invest $15 million to upgrade the facility’s current operations to develop a life sciences campus.
“We’re pleased to be able to support Cherokee and its president John Elliot, as the company continues to make strides in life sciences,” said Eric Ewing, CEO of NexTier Insurance. At a January 14 press conference, Ewing and NexTier Insurance President Rick Putnam were on hand as Philadelphia Mayor Nutter and former governor Schweiker announced the significance of Cherokee’s acquisition for the Commonwealth of Pennsylvania.
NexTier is an innovative, full-service financial institution that focuses on providing comprehensive solutions and expertise for privately held businesses and individuals. Business lines include NexTier Bank, NexTier Mortgage, NexTier Insurance Services, NexTier Wealth Management, The Family Business Center at NexTier, and NexTier Armored Services. NexTier Bank operates a commercial lending office in, Phoenix, Arizona. NexTier has 16 branch offices serving Butler, Armstrong, and northern Allegheny counties, as well as Radnor Trust in Radnor, PA. NexTier's corporate offices are in Butler, PA and Wexford, PA. NexTier has more than $490 million in assets and 297 employees. Information is available at thebank.com or 1.800.262.1088.
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Member FDIC
Marketing Department
P.O. Box 250, Evans City, PA 16033
Contact: Lauren W. Way
Marketing Communications Manager
724.538.2205
lway@thebank.com
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