CHANTILLY, Va.--(BUSINESS WIRE)--Alliance Bankshares Corporation (NASDAQ: ABVA) announced the execution of a definitive agreement for its subsidiary, Alliance Insurance Agency, Inc., to acquire certain assets and liabilities of the Thomas Agency, Inc., trading as Fredericksburg Insurance Group in a stock and cash transaction. Fredericksburg Insurance Group operates as a full service insurance agency serving the needs of businesses and families in Fredericksburg and its surrounding counties.
Jesse R. (Randy) Thomas, Jr., the President of Fredericksburg Insurance Group, will join Alliance as a Senior Vice President of the insurance subsidiary.
“Randy brings a wealth of talent and experience to our insurance agency,” said Thomas P. Danaher, President of Alliance Insurance Agency. “Randy’s knowledge of the Fredericksburg market makes him the ideal person to head our operations in the region.”
“The future of our industry requires that we be able to offer our clients the full range of products and services that only an organization like Alliance can deliver. Going forward, our expanded portfolio positions us to take Fredericksburg Insurance Group to the next level,” said Randy Thomas. “We will continue to build on our past success as a local agency responding to local needs.”
“Fredericksburg is a growth market for our company and one where insurance is a key component. Randy brings the kind of expertise we look for in all our divisions and will be a key player in our insurance agency,” stated Thomas A. Young, Jr., President and CEO of Alliance Bankshares.
The transaction is expected to close in the second quarter of 2007. The acquisition and the operating results of Fredericksburg Insurance are expected to contribute to earnings immediately .
Alliance Bankshares Corporation is a locally managed community banking organization based in Northern Virginia. The independent status of the organization allows the Bank's management to create, implement and maintain banking services with a level of flexibility, creativity and discretion that is not possible with larger institutions.
Some of the matters discussed herein may include forward-looking statements. These forward-looking statements may include statements regarding profitability and financial and other goals. These statements are based on certain assumptions and analyses by the Company and other factors it believes are appropriate in the circumstances. However, the Company's expectations are subject to a number of risks and uncertainties and other factors that could cause actual results, events and developments to differ materially from those contemplated by any forward-looking statements herein. Consequently, all forwarding-looking statements made herein are qualified by these cautionary statements and cautionary language in the Company's most recent report on Form 10-K and other documents filed with the Securities and Exchange Commission.
More information on Alliance Bankshares Corporation can be found online at www.alliancebankva.com, or by phoning an Alliance office.
