Virginia’s TowneBank Expands Insurance Unit With 3 Agency Acquisitions

TowneBank, a Portsmouth, Virginia-based community banking and financial services company, announced that it has acquired three insurance agencies in Virginia: Invincia Insurance Solutions in Chesterfield; Total Insurance Planning in Midlothian; and B.H. Baird Insurance in Warsaw. Terms of the transactions were not disclosed.

The three acquired agencies will become part of Towne Insurance in Virginia Beach, Virginia, a wholly owned subsidiary of TowneBank. The agencies will continue to operate under their present names, leadership, and locations.

TowneBank said these new additions to its insurance portfolio will further grow TowneBank’s expansion to Richmond and the communities of Central Virginia.

Invincia Insurance Solutions in Chesterfield is an independent insurance agency established in 2006 by Frank Beale, president. Total Insurance Planning in Midlothian is an independent agency established in 2004 by Jeff Swanson, president. B.H. Baird Insurance, led by Rick Farmar, president, was founded in 1895 and serves the Central Virginia and Northern Neck communities.

With these most recent acquisitions, Towne Insurance’s team will grow to more than 300 professionals and 25 offices providing service throughout Virginia and North Carolina, the announcement said.

TowneBank operates 37 banking offices in Virginia and North Carolina and offers financial services through its divisions and subsidiaries. TowneBank reported total assets of $6.06 billion as of June 30, 2015.

Topics Mergers & Acquisitions Virginia