Western New York’s Evans Bancorp, Inc. has agreed to sell its insurance agency operation, The Evans Agency, to global insurance broker Arthur J. Gallagher & Co. for $40 million.
The net gain on sale, on an after-tax basis, is expected to be approximately $15.1 million.
The Evans Agency is a retail insurance agency offering life insurance, employee benefits, and property/casualty insurance throughout New York and the Northeast. Current leadership, including Aaron Whitehouse, president, and direct employees of the agency are expected to join Gallagher.
The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.
Evans Bancorp, Inc., headquartered in Williamsville, has been in the insurance business for 23 years during which it has acquired 15 agencies. It has insurance operations in Williamsville, Angola, Hamburg, Depew, Lockport, Wellsville, and West Seneca.
Evans Bancorp is the parent company of Evans Bank, a commercial bank with $2.2 billion in assets and $1.8 billion in deposits at September 30, 2023.
Piper Sandler & Co. acted as exclusive financial advisor and Luse Gorman, PC acted as legal counsel to Evans Bancorp, Inc.
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