By Emon Reiser
Evans Bancorp agreed to sell the insurance operations of The Evans Agency to Arthur J. Gallagher for $40 million.
The financial services company expects the deal with Arthur J. Gallagher, an insurance brokerage and risk-management firm, to be completed in the fourth quarter. Evans Bancorp anticipates the net gain on the sale after taxes to be $15.1 million.
“This transaction realizes a significant valuation premium and is immediately accretive to Evans’ capital, tangible book value and liquidity,” Evans Bancorp Chief Executive David Nasca said.
Piper Sandler & Co. acted as exclusive financial adviser and Luse Gorman Gorman acted as legal counsel to Evans Bancorp.
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