The Petrini Agency, among the older insurance agencies in Mercer County, is being sold to Abraham Insurance Co. of New Castle.

An agreement to sell the Sharon agency was signed Saturday, said owner Francis Petrini. He expects to complete the deal Feb. 22.

No terms of the sale were made public.

Abraham Insurance is owned by Todd Abraham.

The agency will be renamed Abraham-Petrini Insurance Agency in Sharon and New Castle. Four of the seven Petrini employees are being retained, one will retire and two will lose their jobs, Petrini said.

An employee from the New Castle office will be moved to Sharon. Petrini said he will stay on as an agent handling commercial insurance.

Founded in 1919 by Petrini's grandfather, Thomas G. Petrini, it operated at 42 W. State St. on the second floor of the building that houses Coney Island hot dog shop. The agency moved to Dock Street in 1947 where it operated until The Herald bought the building in 1968. The agency moved a few doors up at 234 E. State St. where it has operated since.

Petrini became a partner in 1974 but had worked at the agency for a number of years with his father, Victor, and two uncles, Al J. and Mark. After his father died, Petrini bought the agency from his uncles.

The 63-year-old Petrini said it was time to sell the agency.

"I promised myself when I was a young man that by the time I was 60 I would sell the business. I missed it by three years,'' Petrini joked.

An independent insurance agency, Petrini's represents a dozen companies and sells property, liability, life and group health insurance and offers mutual funds, annuities and pension plans. All the product lines will continue to be sold by the new agency, Petrini said.