TowneBank Expands Insurance Business with Acquisition of Two Peninsula Agencies
Hampton Roads based TowneBank announced that independent insurance agencies Lackey Saunders, Co. Inc., and Gloucester Southside Insurance Agency, Inc.,will affiliate with Towne Insurance, a wholly owned subsidiary of TowneBank.
The Hampton-based Lackey Saunders, founded in 1886 and led by 38-year insurance veteran and Peninsula native Doug Favre, has a large market share in Hampton. “As a part of the Towne Family, our clients will enjoy a relationship with one of the top insurance agencies based in Virginia, and will still be taken care of by the same people they have trusted for years,” said Doug Favre, President of Lackey Saunders and Gloucester Southside.
Gloucester Southside, founded in 1927, expands Towne’s footprint to the Middle Peninsula. “Clients choose Towne for its broad expertise, and that’s ultimately why we chose them too,” said Jay McGlohn, a Gloucester Southside Vice President. “We’re excited about the opportunities that come with being a part of the Towne Family,” added Cordon Davis, Gloucester Southside Vice President.
With this affiliation, Towne Insurance’s team will grow to more than 215 professionals, with 20 offices providing service throughout Virginia and North Carolina. Since 2001, Towne Insurance has completed 17 insurance agency acquisitions.
“Individuals, families, businesses, and insurance carriers have partnered with Lackey Saunders and Gloucester Southside because they value working with insurance professionals who provide great service and meet a wide variety of needs,” said F. Dudley Fulton, President and CEO of Towne Insurance. “We are very pleased to welcome Doug Favre, Jay McGlohn, Cordon Davis and their talented teams to Towne.”