Virginia-based TowneBank has acquired Taylor Johnson Insurance Group, which will become part of the bank’s affiliate, Towne Insurance Agency.
Taylor Johnson Group, headquartered in Virginia Beach, Virginia, employs 36 insurance, employee benefits, and risk management professionals. It is the sixth insurance agency to merge with Towne since the bank’s insurance unit was created in 2001.
TowneBank said the acquisition makes Towne Insurance Agency one of the 20 largest, bank-owned insurance agencies in the country.
“The affiliation of Taylor Johnson will enable our insurance agency to expand the services available to our bank and insurance clients and position us as a full service provider of risk management services,” said J. Morgan Davis, president and CEO of Towne Financial Services Group.
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