Alliance Bankshares Corp., based in Chantilly, Va., said its subsidiary, Alliance Insurance Agency, Inc., has acquired certain assets and liabilities of the Thomas Agency, Inc., trading as Fredericksburg Insurance Group in a stock and cash transaction.
Fredericksburg Insurance Group operates as a full service insurance agency serving the needs of businesses and families in Fredericksburg and its surrounding counties.
Jesse R. (Randy) Thomas, Jr., president of Fredericksburg Insurance Group, will join Alliance as a senior vice president of the insurance subsidiary.
The transaction is expected to close in the second quarter of 2007. The acquisition and the operating results of Fredericksburg Insurance are expected to contribute to earnings immediately.
Alliance Bankshares Corp. is a community banking organization.
Source: Alliance Bankshares Corp.
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