STARKVILLE — National Bank of Commerce is acquiring Galloway-Chandler-McKinney Insurance Agency, pending due diligence and regulatory application and approval. The transaction is expected to be completed in the early fall.
Lewis F. Mallory Jr., chair and CEO of NBC Capital Corporation said that the proposed merger is in keeping with NBC’s goal of becoming a full financial services provider.
“Our customers expect us to provide financial products that meet their needs. With the addition of this agency we will now be able to service their commercial and personal insurance requirements,” he said.
Galloway-Chandler-McKinney has offices in Aberdeen, Amory, West Point and Columbus. The agency has been in business for many years and is the largest agency domiciled in north Mississippi. Galloway-Chandler-McKinney specializes in commercial and personal lines and offers a full array of products.
“The Galloway-Chandler-McKinney Insurance Agency is excited about the opportunity this merger offers our company to participate with a financial institution with the reputation and strength of NBC,” said Jimmy Galloway, president of the firm. “We believe that NBC, like us, shares a total commitment to customer service, and we are happy to become a part of this organization.”
The merger will be a stock-for-stock transaction between the companies and will be accounted for as a pooling of interest. The agency will retain its name and operate as a subsidiary of NBC.