Banking Consortium to Acquire Two Virginia Agencies

August 24, 2000

The Virginia Bankers Insurance Center, a 67-bank consortium established in 1999 to enter the insurance agency business, has announced plans to acquire the Wytheville, Virginia-based Blue Ridge Insurance Group and the Ewald-Lester Life Agency.

Blue Ridge, a full-service property/casualty and life/health agency, will continue to operate under its name while also helping VBIC owner banks sell insurance products to their customers. The transactions are expected to close in September. Terms were not disclosed.

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