Evans Bancorp, Inc. Announces Agreement to Sell the Insurance Operations of The Evans Agency, LLC to Arthur J. Gallagher & Co.
The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.
- The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.
- Evans’ growth of TEA over the years culminates with the capture of a valuation premium, providing capital to strategically redeploy across the core banking franchise.
- David J. Nasca, President and CEO of Evans Bancorp, Inc., said, “For 23 years, the insurance business has been an integral part of Evans Bank.
- Piper Sandler & Co. acted as exclusive financial advisor and Luse Gorman, PC acted as legal counsel to Evans Bancorp, Inc.