Towne Expands Insurance Business with Acquisition of Southern Insurance Agency

«Back to News 05/05/2014 | SUFFOLK, VA

Hampton Roads based TowneBank (NASDAQ: TOWN) announced that Southern Insurance Agency, Inc. (“Southern”), will affiliate with Towne Insurance, a wholly owned subsidiary of TowneBank. This continues Towne Insurance’s expansion into North Carolina.

Southern, headquartered in Kitty Hawk, North Carolina is a full service independent insurance agency founded in 1890. Southern will continue operating under its present name, leadership, and locations that serve Kitty Hawk, Corolla, Elizabeth City, Greenville, Wilmington, Columbia, and Graham, North Carolina. With this affiliation, Towne Insurance’s team will grow to more than 200 professionals, with 18 offices providing service throughout Virginia and North Carolina. Since 2001, Towne Insurance has completed 15 insurance agency acquisitions.

“Towne is a clear market leader,” says Robert E. Wells, CIC, President of Southern Insurance Agency, Inc. “We are excited to become a part of the Towne family, and our clients will continue to receive the excellent service they know and trust. Towne shares our passion for client satisfaction and community support.”

“Individuals, families, businesses, and insurance carriers have partnered with Southern Insurance because they enjoy working with insurance professionals who provide great service and meet a wide variety of needs,” says F. Dudley Fulton, President and CEO of Towne Insurance. “We are very happy to welcome Robert and his talented team to Towne. We are also pleased that we are able to expand the Towne Insurance footprint with such a well-respected agency.”


Cautionary Statement
This release may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements may address issues that involve significant risks, uncertainties, estimates and assumptions made by management. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures in the banking industry that may increase significantly, changes in the interest rate environment may reduce margins and/or the volumes and values of loans made or held as well as the value of other financial assets held, general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit or other services, changes in the legislative or regulatory environment, including changes in accounting standards, may adversely affect our businesses, costs or difficulties related to the integration of the business and the businesses we have acquired may be greater than expected, expected cost savings associated with pending or recently completed acquisitions may not be fully realized or realized within the expected time frame, our competitors may have greater financial resources and develop products that enable them to compete more successfully, changes in business conditions, changes in the securities market and changes in our local economy with regards to our market area and its heavy concentration of U.S. military bases and related personnel. We assume no obligation to update information contained in this release.