Bowditch Insurance Acquired by South Financial Group

Jacksonville, Fla.-based Bowditch Insurance Corp., an independent insurance agency founded in 1983 by Raynor E. Bowditch, has been acquired by The South Financial Group of Greenville, S.C. The transaction became effective June 6, its terms were not disclosed.

Bowditch Insurance focuses on general commercial insurance services, but also provides personal, life and group related insurance, as well as risk management, cost control, premium allocation and other related services. It has two offices in the greater Jacksonville area.

“We are pleased to affiliate with Bowditch Insurance, an agency with an outstanding reputation and focus on customer service,” Andrew B. Cheney, president of Mercantile Bank, TSFT’s Florida bank subsidiary, said. “This affiliation enhances The South Financial Group’s ability to offer insurance products to our customers. Bowditch Insurance is a foundation agency for us, which we will use to build our insurance operations. This moves us closer to our goal of having a platform agency in each of our major banking markets.”

Bowditch Insurance will retain its identity. It will continue to operate in two locations under the leadership of Bowditch, its founder and president. Bowditch will continue to serve as president of this entity.

“We are very excited to join The South Financial Group,” Bowditch said. “We are teaming with an organization, like ours, that offers a personal style of service. I am particularly pleased to be part of building a quality insurance presence at The South Financial Group.”

TSFG is a financial services company, headquartered in Greenville. It has 166 branch offices in Florida, North Carolina, and South Carolina and at March 31, 2005 had $14.7 billion in assets.