Alliance Bankshares Corp., a community banking company in Chantilly, Va., announced a deal Friday to buy Danaher Insurance Agency in Annandale, Va., and merge it with its Alliance Insurance Corp. subsidiary.
The price of the all-cash deal was not disclosed; it is expected to close this quarter. Danaher Insurance sells insurance and other financial services to retail customers and small and middle-market businesses.
"Our customer bases are very complementary," Thomas A. Young Jr., the president and CEO of Alliance Bankshares, said in a press release. The deal would also enable the agency to expand its market reach, he said.
Danaher Insurance is to become a subsidiary of Alliance Bank at closing and be merged into Alliance Insurance with all its present product lines and markets.
Thomas P. Danaher, the agency's president, is to become president of Alliance Insurance Corp. and take responsibility for all insurance activities of Alliance Bank and its insurance subsidiary.
The deal and the agency's 2005 operating results are expected to have minimal positive impact on Alliance Bankshares' results this year but are expected to be accretive in 2006 and beyond.
