TowneBank Acquires North Carolina’s Stanton Taylor Agency

Hampton Roads, Virginia-based TowneBank has acquired the Stanton Taylor Agency, a Raleigh, North Carolina agency that provides insurance and risk management services throughout Raleigh and eastern North Carolina.

The agency will be affiliated with Towne Insurance Agency, a wholly-owned subsidiary of TowneBank.

Terms were not disclosed.

Towne Insurance Agency was formed in 2001 when Kellam, Eaton and Huey and the Chesapeake Agency joined together to lead the entry of TowneBank into the insurance business. Since then, seven other agencies have affiliated with Towne including the Taylor Johnson Group, TFA Benefits, the Brooks Agency, Johnson and West, Benefit Design Group, the Weber-Pyle Agency, and W.T. Chapin, Inc.

TowneBank operates 26 banks n Virginia and North Carolina. As of June 30, 2011, the firm had total assets of $4.02 billion.