Evans Bancorp in Hamburg, N.Y., has agreed to buy an insurance agency in Wellsville, N.Y.
The $1.4 billion-asset Evans said in a press release Tuesday that it will acquire Richardson & Stout Insurance. Evans did not disclose the price of the deal, which is set to close July 1.
It would be Evans’ 16th insurance acquisition and would increase the company’s annualized premiums to more than $100 million.
All Richardson & Stout employees will join Evans, including owners Richard Ewell, Ian Whitehouse and Aaron Whitehouse.
“The joining of these local insurance agencies further demonstrates Evans’ commitment to the western New York community and enhances our dedication of providing quality, cost-saving insurance solutions to local businesses, families and individuals,” Robert Miller Jr., president of Evans’ insurance unit, said in the release.
