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Towne Insurance Agency, with offices across Virginia and the Carolinas, has acquired Lockhart Insurance, expanding its footprint in the Charlotte area.

Lockhart was founded in 1972 by Gregg Lockhart and has been a fixture in the Charlotte community for decades, Douglas Russell, president of Towne Insurance, said in a news release. Lockhart will continue to operate under its own name for the immediate future, the companies said.

It’s the latest expansion move by Norfolk-based Towne. The agency is owned by publicly traded TowneBank and notes it is the 5th-largest bank-owned agency in the country. Since entering the Carolinas in 2011, Towne has completed 10 acquisitions. It has focused on home insurance, auto, business and health insurance products.

Topics
Mergers & Acquisitions

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