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TowneBank to buy Stanton Taylor Agency

TowneBank, which expanded its Towne Insurance Agency with a series of acquisitions in Hampton Roads, has agreed to acquire Stanton Taylor Agency, an insurance agency based in Raleigh, North Carolina.

Stanton Taylor Agency’s insurance and risk management professionals provide a broad scope of insurance services throughout Raleigh and eastern North Carolina.

TowneBank chairman and CEO Robert Aston said they are pleased to welcome Stanton Taylor Agency to the Towne Family. The quality and professionalism of the Stanton Taylor staff will allow them to expand the services available to their bank and insurance clients.

Stanton Taylor Agency president Paul Simson said TowneBank’s focus on relationships and community spirit fits perfectly with their philosophy of superb personal service to their clients.

Towne Insurance Agency was formed in 2001 and since then TowneBank has acquired seven other agencies during the past decade, including W.T. Chapin of Newport News earlier this year and the Taylor Johnson Group of Virginia Beach in 2010.

Insurance commissions, title fees and related income totalled $19.5m at TowneBank last year, the largest source of its non-interest income for 2010.