FOR IMMEDIATE RELEASE
Hampton, Va. – Hampton Roads based TowneBank announced that independent insurance agencies Lackey Saunders, Co. Inc., and Gloucester Southside Insurance Agency, Inc.,will affiliate with Towne Insurance, a whollyowned subsidiary of TowneBank.
The Hampton-based Lackey Saunders, founded in 1886 and led by 38-year insurance veteran and Peninsula native Doug Favre, has a large market share in Hampton. “As a part of the Towne Family, our clients will enjoy a relationship with one of the top insurance agencies based in Virginia, and will still be taken care of by the same people they have trusted for years,” said Doug Favre, President of Lackey Saunders and Gloucester Southside.
Gloucester Southside, founded in 1927, expands Towne’s footprint to the Middle Peninsula. “Clients choose Towne for its broad expertise, and that’s ultimately why we chose them too,” said Jay McGlohn, a Gloucester Southside Vice President. “We’re excited about the opportunities that come with being a part of the Towne Family,” added CordonDavis, Gloucester Southside Vice President.
With this affiliation, Towne Insurance’s team will grow to morethan 215 professionals, with 20 offices providing service throughout Virginia and NorthCarolina. Since 2001, Towne Insurance has completed 17 insurance agency acquisitions.
“Individuals, families, businesses, and insurance carriers have partnered with Lackey Saunders and Gloucester Southside because they value working with insurance professionals who provide great service and meet awide variety of needs,” said F. Dudley Fulton, President and CEO of Towne Insurance. “We arevery pleased to welcome Doug Favre, Jay McGlohn, CordonDavis and their talented teams to Towne.”
About Towne Insurances
Towne Insurance, a wholly-owned subsidiary of TowneBank, is a premier independent insuranceagency providing comprehensive solutions and risk management programs to businesses of all sizes, including property and casualty insurance, workers’ compensation, bonding, employee benefits and more. Additionally, personal lines agents specialize in home, auto, umbrella and flood insurance. Towne Insurance has been ranked a Top 100 insurance broker in the U.S. by Business Insurance magazine based on total revenue and is recognized as a ‘Best Practices Agency’ by the Independent Insurance Agents & Brokers of America (IIABA) and Reagan Consulting. Headquartered in Hampton Roads in southeastern Virginia, and serving communities from Northern Virginia, to Wilmington, North Carolina, Towne’s 215 experienced professionals work with the nation’s top-rated providers to find members the right coverage at a competitive price. For more information, visit www.TowneInsurance.com.
About TowneBank
As one of the top community banks in Virginia and North Carolina, TowneBank operates 36 banking offices serving Chesapeake, Hampton, Newport News, Norfolk, Portsmouth, Suffolk, Virginia Beach, Williamsburg, James City County, York County, Richmond, Glen Allen, Mechanicsville, and Chesterfield in Virginia, along withMoyock, Grandy, Camden, Southern Shores, Corolla, and Nags Head in North Carolina.Towne also offers a full range of financial services through its controlled divisions andsubsidiaries that include Towne Investment Group, Towne Insurance Agency, TFA Benefits,TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices Towne Realty, Towne1031 Exchange, LLC, and Corolla Classic Vacations. Local decision-making is a hallmark of itshometown banking strategy that is delivered through the leadership of each group’s President andBoard of Directors.
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