Oak Brook-based Crabtree Holdings LLC said it will acquire MTL Holdings Inc. through a stock purchase agreement. Terms of the agreement were not announced.
MTL Equity Products, Inc., a holding company in the Mutual Trust Financial Group, is a securities broker-dealer and investment adviser that has served clients for more than 25 years. Subject to regulatory approval, the transaction is expected to be completed at the end of the year, after which MTL will be renamed Brooklight Place Securities Inc.
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"The core business of Mutual Trust is life insurance sold through MTL Insurance Company, and this agreement enables us to sharpen our focus on our life insurance operations," said Steve Batza, FSA, MAA, CLU, CHFC, president and chief executive officer of MTLHI. "We are pleased to be working with Crabtree Holdings in this transaction. Their industry experience and managerial expertise will help ensure continued high-quality support for MTLEP's representatives and their customers."