Updated 08 Jun. 2017
Farmers Bank, a wholly owned subsidiary of Farmers Bankshares, Inc. (OTC-PINK: FBVA) is pleased to announce that it has acquired a majority interest in Manry Rawls, LLC, a property and casualty insurance agency. Since April, 2014, Farmers Bank has owned a one-third minority interest in Manry Rawls, LLC. With the most recent transaction, Farmers Bank increases its ownership to two-thirds of the agency, which will continue to operate independently under the name Manry Rawls, LLC. Both Farmers Bank and Manry Rawls have been fixtures in the local marketplace for many decades. The partnership is representative of both organizations’ deep continued interest in remaining focused on local customers and meeting their needs, regardless of size.
This most recent increase in its ownership interest illustrates Farmers Bank’s continued commitment to diversifying its non-interest revenue streams and its continued commitment to the property and casualty business. “We’ve been extremely pleased with the return on our original investment in Manry Rawls and are excited to increase our ownership” stated Richard J. Holland, Jr., CEO of Farmers Bank.
Manry Rawls, LLC operates three offices, one each in Franklin, Courtland and Smithfield. Additionally, the agency operates two other agencies, Shirley T. Holland Insurance and the Lifsey Insurance Agency in Windsor and Emporia, respectively. For more information about Manry Rawls, please visit www.manryrawls.com. Farmers Bank, founded in 1919, is headquartered in Windsor, VA, and is a community bank which operates seven branches and services areas throughout Tidewater Virginia. Additional information is available at the company’s website, www.farmersbankva.com.
MANRY RAWLS, LLC AND FARMERS BANK ANNOUNCE NEW PARTNERSHIP
WINDSOR, VA — Manry Rawls, LLC and Farmers Bank are pleased to announce a partnership between the two organizations. Under the arrangement, Farmers Bank has become part owner in Manry Rawls, LLC. The agency will continue to operate independently under the name Manry Rawls, LLC. Both Farmers Bank and Manry Rawls have been fixtures in the local marketplace for many decades. The partnership is representative of both organizations’ deep interest in remaining focused on local customers and meeting their needs, regardless of size.
V.S. “Vee” Pittman will lead the partnership, while Farmers Bank will continue to concentrate on lending and banking services, both heavily concentrated on Main Street and agricultural businesses. “We are glad to be able to strengthen our company in Franklin and look forward to bringing more new jobs to the area,” said Pittman. “Farmers Bank is well known for its service to its customers and the community in which they live. We look to help expand that reputation in the years to come,” he added.
As Farmers Bank has grown over the years, it has sought ways to continually reinvest in the communities it serves. Manry Rawls will complement the considerable investment in Southampton County which Farmers Bank exhibited when it opened its newest branch in Courtland in April 2013. “I see this as a valuable partnership between two community and service oriented businesses. We are both locally owned and operated with strong commitments to our communities and the people we serve. This association strengthens both Farmers Bank and Manry Rawls’ ability to remain independent and allows us to continue to offer products and services to our respective customer base in a manner we strongly believe in. We, at Farmers Bank are excited about the opportunities that will arise for both organizations in this new endeavor,” stated Richard “Dick” J. Holland, Jr., CEO of Farmers Bank.
Manry Rawls, LLC operates two offices, one in Franklin and another in Courtland. For more information about Manry Rawls, please visit www.manryrawls.com. Farmers Bank is headquartered in Windsor and has six offices in Courtland, Smithfield, and Suffolk. For more information about Farmers Bank, visit www.farmersbankva.com and www.facebook.com/FarmersBankVA.