What was announced today?
The Evans Agency, LLC, the wholly-owned insurance subsidiary of Evans Bancorp, Inc., announced today that it has acquired the business of the Richardson & Stout Insurance of Wellsville, N.Y. Evans Bancorp, Inc. (NYSE American: EVBN), a community financial services company serving Western New York since 1920, announced that its wholly owned insurance subsidiary, The Evans Agency, LLC, has acquired the business of Richardson & Stout Insurance (“R&S”) of Wellsville, N.Y., effective July 1, 2018. The transaction will bring The Evans Agency’s annualized premiums to over $100 million.
Who is The Evans Agency?
R&S has known and worked with Bob Miller and his team at The Evans Agency for 25 years, through our affiliation with Combined Financial Services. Richardson & Stout and The Evans Agency each have a 100 year plus history of providing insurance products and services to protect families and businesses in WNY. We are looking forward to continuing this rich tradition.
The Evans Agency is a local organization that shares the same values that you have come to know through your relationship with Richardson & Stout. A wholly-owned subsidiary of Evans Bancorp, Inc., The Evans Agency has grown from a small town, family-owned insurance agency to a dynamic, multi-location professional insurance and risk management operation that provides superior service to each of its commercial, personal and employee benefits customers through nine Western New York offices.
Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $1.4 billion in assets and $1.1 billion in deposits at March 31, 2018. Evans is a full-service community bank, with 14 Financial Centers, providing comprehensive financial services to business, consumer and municipal customers throughout Western New York.
Why did Evans make this move?
This strategic acquisition significantly deepens The Evans Agency’s leadership bench, broadens its geographic footprint, leverages the two agencies’ complementary products and services and provides a bigger platform through which to further scale the business.
The Evans Agency is excited to be welcoming new customers and a superb team of insurance professionals to their family. The joining of these local insurance agencies further demonstrates the 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.
How am I impacted as a customer of R&S?
Please be assured that this acquisition will not have an impact on your current insurance policies with our agency. Your insurance will continue to be serviced by a group of local, dedicated professionals who know the insurance marketplace and Western New York. We pride ourselves on protecting your assets and making your insurance relationship easy to manage. In addition, The Evans Agency has extensive expertise in employee benefits, and Evans offers additional financial services, so there is an opportunity to offer additional products and services to our customers.
Do I need to take any action?
None at all. The change will be transparent for our customers, and you will continue to receive the excellent service and products you’ve become accustomed to from Richardson & Stout. We’re confident that you will appreciate joining the Evans family and trust that you’ll continue to enjoy the best insurance protection at the lowest cost possible.
Will I be dealing with the same employees I have dealt with at R&S?
Yes. The success of Richardson & Stout, is due to our employees. We have an excellent staff and they work very hard to help protect our customers and provide great service. It was extremely important to the R&S owners to find a like-minded partner. In our discussions with Evans, it became very apparent they value their employees and help put them in position to succeed and service their customers. Our employees will continue to provide you with superior service and money-saving solutions for all your insurance needs.
Will I be able to keep my current insurance provider/carrier? Yes. Please be assured that this merger will not have an impact on your current insurance policies with our agency. Your insurance will continue to be serviced by a group of local, dedicated professionals who know the insurance marketplace and Western New York.
Will the Wellsville office remain open?
Yes. The office at 80 N. Main Street in Wellsville will remain open to service customers
May I still reach the office at the (585) 593-4296 phone number? Yes.
May I use the same email address to reach my contact at R&S? Yes.
What will the name of the agency be? Richardson & Stout Insurance, a division of The Evans Agency.
What is the benefit to R&S customers?
The combination of the capabilities of both companies will provide our customers with a single point of contact for all their insurance, employee benefits and financial services needs. Many of our customers buy these products from other sources, so we’re hopeful that we can rely on Evans’ expertise in these areas to help our customers.
How can I find out more about these new products and services?
You can find more information at https://www.evansbank.com/
Where may I direct questions?
If you should have any questions about this announcement, please don’t hesitate to contact us.
To read the full press release, click here.
