DavisBaldwin will operate as a subsidiary of Wachovia Bank, N.A. Following completion of the transaction, Charles M. Davis Jr., currently chairman and chief executive officer of Davis Baldwin, will serve as a consultant to DavisBaldwin and to Wachovia’s existing Insurance Services Division. L. Lowry Baldwin, president, will serve as the principal executive officer of DavisBaldwin. They will continue to be based in Tampa, which is also the location of Wachovia’s Florida Banking headquarters. The company, which has about 130 employees, will expand its staff as opportunities grow.
The transaction is expected to close in the fourth quarter. Terms of the transaction were not disclosed.
"DavisBaldwin is one of the leading insurance agencies in the country and has been recognized repeatedly for the strategic thinking, proactive planning and creative solutions it brings to its customers," said G. Joseph Prendergast, Wachovia’s president and chief operating officer. "This merger will enable Wachovia to expand high-value insurance services to businesses in addition to the personal risk management and wealth transfer insurance products Wachovia currently offers through its private financial advisory services."
DavisBaldwin was formed in 1991 through the merger of two of Tampa’s oldest and most respected agencies, Davis Brothers, which was founded in 1936, and Baldwin & Sons Inc., which opened in 1960. The agency offers personal and commercial property and casualty, life and group benefits products.
"After nine years of growth that consistently exceeded industry standards, we were looking for ways to continue to grow and leverage our success," said Davis. "Joining forces with Wachovia brings additional resources to help us achieve those goals. DavisBaldwin can bring to Wachovia’s many commercial customers a wide range of risk management services."
"Strategically, Wachovia is a perfect fit for DavisBaldwin," said Baldwin. "Wachovia and DavisBaldwin each have a heritage of building long-term relationships with customers by providing consultative value and exceptional customer service."
Wachovia Corporation, with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. As of June 30, 2000, Wachovia had assets of $70.8 billion. Member companies offer consumer and commercial banking, bank card, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Wachovia Bank, N.A. has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.
In Florida, Wachovia has five corporate services offices and 33 branches in Brevard, Broward, Hillsborough, Martin and Palm Beach counties. Last year Wachovia announced plans to add nine new branches in the eastern Florida counties and several new offices in Hillsborough County, home to Wachovia’s Florida headquarters in Tampa. Wachovia now has offices open in Tampa at 3000 N. Franklin St. and 15518 N. Dale Mabry Highway. In June, Wachovia Corporation completed its acquisition of Commerce National Corporation, the parent of the National Bank of Commerce, which has three offices in Winter Park, Fla. OFFITBANK, a subsidiary of Wachovia Corporation that offers services to wealth management clients, has offices in Miami, New York City, San Francisco, Atlanta and Charlotte, Greensboro and Winston-Salem, N.C.
Wachovia Insurance Services, a division of Wachovia Bank, N.A., develops and manages insurance programs for Wachovia. The division supports a network of insurance advisors, investment consultants, credit insurance and direct response programs. Barry, Evans, Josephs & Snipes Inc., a leading national life insurance broker based in Charlotte, merged with Wachovia in 1999. Barry, Evans, Josephs & Snipes specializes in designing, implementing and funding wealth transfer strategies for affluent families and benefit plans for corporate executives.
