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Friday, April 27, 2007

Summit Financial to buy insurance services firm

Summit Financial Group Inc. (SMMF.O: Quote, Profile, Research said it agreed to acquire Kelly Insurance Agency Inc. and Kelly Property and Casualty Inc. for $6.2 million in stock to expand its insurance services business.

The financial holding company expects the deal to hurt its earnings by 2 cents to 3 cents a share in the second half of 2007.

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