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Evans Bancorp unit buying Richardson & Stout Insurance


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Evans Bancorp unit buying Richardson & Stout Insurance

Hamburg, N.Y.-based The Evans Agency LLC, a subsidiary of Evans Bancorp Inc., is acquiring Wellsville, N.Y.-based Richardson & Stout Insurance.

The terms of the deal were not disclosed. The acquisition will take The Evans Agency's annualized premiums to over $100 million.

The deal is expected to close July 1. All of Richardson & Stout Insurance's employees, including co-owners Richard Ewell, Ian Whitehouse and Aaron Whitehouse, will join The Evans Agency upon the completion of the acquisition.

As of March 31, Evans Bancorp had about $1.35 billion in assets.