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Evans Bancorp Inc (symbol: EVBN) is a full-service financial institution with nearly a century of local management, operating primarily in Western New York. The company is divided into two main segments: Banking Activities and Insurance Agency Activities. Through its subsidiaries, Evans Bancorp provides a broad range of banking services to both consumer and commercial clients.
The Banking Activities segment encompasses commercial and consumer banking services, including lending, depository services, and the provision of non-deposit investment products such as annuities and mutual funds. This segment is designed to meet the varied financial needs of individuals, businesses, and municipalities in the region.
The Insurance Agency Activities segment operates through The Evans Agency, LLC, offering a variety of premium-based insurance policies on a commission basis. This includes business and personal insurance, employee benefits, surety bonds, risk management, life, disability, and long-term care coverage. Additionally, the segment provides claims adjusting services to various insurance companies.
Evans Investment Services, Inc., another subsidiary, delivers non-deposit investment and wealth management services, catering to clients’ broader financial planning and investment needs.
With fourteen neighborhood banking offices and seven insurance offices, Evans Bancorp is deeply rooted in its community values and maintains strong relationships based on trust and reliability. The company continues to evolve and expand its service offerings to better meet the needs of its customers.
Recent developments include the signing of a definitive agreement by Arthur J. Gallagher & Co. to acquire The Evans Agency, LLC. This transaction, expected to close in the fourth quarter of 2023, will see The Evans Agency operate under Gallagher's Northeast region retail property/casualty brokerage operations, enhancing their capabilities in Western New York.
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