The Evans Agency LLC, a wholly owned insurance subsidiary of community financial services company Evans Bancorp Inc., has acquired the business of Richardson & Stout Insurance (R&S) of Wellsville, N.Y.
The transaction is effective July 1, 2018. Terms of the deal were not announced.
This strategic acquisition serves to deepen The Evans Agency’s leadership bench, broaden its geographic footprint, leverage the two agencies’ complementary products and services and provide a bigger platform through which to further scale the business.
All current R&S employees will join The Evans Agency, including co-owners Richard Ewell, Ian Whitehouse and Aaron Whitehouse. The agency will be known as Richardson & Stout Insurance, a division of The Evans Agency, and will remain in its current location in Wellsville.
Founded in 1913, The Evans Agency LLC has grown from a family-owned insurance agency to a multi-location professional insurance and risk management operation providing personal, commercial and employee benefits solutions throughout Western New York. Richardson & Stout represents the 16th insurance acquisition completed by Evans.
The roots of Richardson & Stout Insurance can be traced to the beginning of the last century, starting with The Brown Agency that was founded in 1903 and the Forrest H. Allen Agency that was formed in 1929. After several mergers and acquisitions, the Brown & Stout Agency and Allen, Dygert, & Hauser Inc. merged operations to become Richardson & Stout Insurance in 1998.
Source: Evans Bancorp Inc.
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