Arthur J. Gallagher to acquire The Evans Agency
Evans Bancorp, a community financial services company, has entered into a definitive agreement to sell The Evans Agency to Arthur J. Gallagher for $40 million. The transaction is subject to customary closing conditions and is anticipated to be completed in the fourth quarter of 2023.
The Evans Agency is a commercial property/casualty insurance broker with public entity and scholastic expertise, serving clients throughout Western New York. The agency also offers personal lines and employee benefits services. Aaron Whitehouse and his team will operate under the direction of Patrick Kennedy, head of Gallagher’s Northeast region retail property/casualty brokerage operations.
“For 23 years, the insurance business has been an integral part of Evans Bank. During that time, the Bank acquired over 15 agencies and successfully built a customer-centric, high-performing operation with strong values and a reputation for outstanding talent and service excellence. After extensive diligence, we believe AJG is the right partner, providing optimal benefit for all stakeholders, including assuring our associates and clients are well taken care of. This transaction realizes a significant valuation premium and is immediately accretive to Evans’ capital, tangible book value, and liquidity. The additional capital provides flexibility to evaluate and pursue various strategic initiatives to redeploy capital in support of our core banking business with a focus on continuing to enhance long-term shareholder value.” – David J. Nasca, president and CEO of Evans Bancorp.
“The Evans Agency’s expertise and culture are an excellent fit for our Western New York office and will enhance our capabilities in the region. I look forward to welcoming Aaron and his associates to Gallagher.” – J. Patrick Gallagher, Jr., Chairman, President and CEO.