Towne Insurance adds three Central Virginia affiliates
Portsmouth-based TowneBank has added three insurance agencies — Invincia Insurance Solutions, Total Insurance Planning, and B.H. Baird Insurance — as affiliates with Towne Insurance, a company subsidiary.
The three additions to its insurance portfolio is intended to support TowneBank’s expansion into Richmond and Central Virginia. The bank acquired Franklin Federal Corp., the parent company of Franklin Federal Savings Bank at the beginning of the year.
The three insurance agencies will continue operating under their present names, leadership and locations.
Towne Insurance’s staff now total more than 300 employees. The company has 25 offices serving Virginia and North Carolina.
Invincia Insurance Solutions, based in Chesterfield, was founded in 2006 by its president, Frank Beale.
Jeff Swanson is president of Midlothian-based Total Insurance Planning, which he started in 2004.
B.H. Baird Insurance is a property and casualty insurance agency, which was founded in 1895. Led by President Rick Farmar, the company serves Central Virginia and the Northern Neck.
TowneBank, which had total assets of $6.06 billion on June 30, has 37 banking offices in Virginia and North Carolina.