ENB Insurance Agency, Inc., formerly M&W Agency, Inc., a wholly owned subsidiary of Evans Bancorp, Inc. has acquired Ulrich & Co., Inc., a retail property and casualty insurance agency in Lockport, N.Y.
Ulrich is one of the largest agencies in Niagara County with reported revenues of $1.9 million.
The acquisition increases the market service area of ENB Insurance Agency, which already has 11 offices in southern Erie and northern Cattaraugus and Chautauqua Counties, by adding a significant presence in Niagara County.
“This transaction signals a continuing commitment to our company’s strategic objectives of expanding non-interest income, as well as growing and strengthening our position in profitable customer segments in the western New York market,” commented James Tilley, president of Evans Bancorp.
Since its acquisition of M&W Group in September 2000, the bank has actively acquired smaller agencies including the Harborside Agency in West Seneca; the Eden Agency in Eden; the Gutekunst Insurance Agency in Colden; the Tarbox Agency in Gowanda; and the Elwood and Easy PA Agencies in Hamburg. ENB Insurance also bought Frontier Claims Services Inc. of Buffalo, a claims adjusting service, in December 2002.
The company also announced a reorganization. The former corporate structure was vertically aligned with ENB Insurance Agency a subsidiary of Evans National Bank, which in turn was a subsidiary of Evans Bancorp, Inc. ENB Insurance Agency is now a subsidiary of a new holding company, Evans national Financial Services, which is owned by Evans Bancorp.
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