A subsidiary of Suffolk-based TowneBank has acquired three insurance agencies, expanding the company’s footprint in central Virginia.
Towne Insurance has added Chesterfield-based Invincia Insurance Solutions, Midlothian-based Total Insurance Planning and B.H. Baird Insurance, based in Warsaw, to its portfolio, the company said. The agencies will not change their names, leadership or locations.
“As we welcome these agencies to the Towne family, it represents another significant step in bringing our complete array of Towne products and services to Richmond and the communities of Central Virginia,” Pat Collins, president of TowneBank Richmond, said in a news release.
In January, TowneBank acquired Richmond-based Franklin Federal Savings Bank, which had eight branches in the city.
With the acquisitions, Towne Insurance will have more than 300 employees and 25 offices, providing service throughout Virginia and North Carolina. “Insurance Journal” ranked Towne Insurance 16th among financial institutions nationwide based on 2014 revenues, according to the release.
