TowneBank to buy N.C. insurance agency

TowneBank, which expanded its Towne Insurance Agency with a series of acquisitions in Hampton Roads, said Wednesday that it will buy a Raleigh, N.C., insurance agency.

The terms of its agreement with Stanton Taylor Agency Inc. were not disclosed. TowneBank, the largest bank based in Hampton Roads, has acquired seven other agencies during the past decade, including W.T. Chapin Inc. of Newport News earlier this year and the Taylor Johnson Group of Virginia Beach in 2010. Insurance commissions, title fees and related income totaled $19.5 million at TowneBank last year, the largest source of its non-interest income for 2010.