Cadence selling insurance firm

by Wally Northway

Published: September 4,2009

Tags: banking, insurance, mergers and acquisitions

COLUMBUS — Officials of Galloway Chandler McKinney Insurance Agency Inc. (GCM) announced the execution of an agreement by which previous owners and several associates of GCM have purchased the company back from Cadence. Terms were not disclosed.

The ownership change concludes 10 years of a mutually beneficial relationship in which GCM operated as a wholly-owned subsidiary of Cadence Bank. The ownership change was effective Sept. 1, 2009.

“The sale of GCM Insurance was not influenced by any regulatory body or organization,” said Jimmy Galloway, president of GCM. “We have actually been having discussions on and off with Cadence officials for a number of months regarding the possibility of this transaction. We have enjoyed a wonderful relationship with Cadence and will remain supporters of the bank. Each company has a desire to focus on their core business, and we believed this was the best way to accomplish that.”

Galloway also serves as a member of the board of directors of Cadence Bank.

Lewis F. Mallory Jr., chairman and CEO of Cadence Bank, expressed similar thoughts.

“GCM is a first-class company that provides excellent service and products to its customers. Our association with them and their people has been a valuable one and will continue to be in the years ahead. We believe they will continue to be the leading agency in this area of Mississippi,” said Mallory.

With partners’ sons Brandt Galloway and Kyle Chandler IV, of Columbus and West Point, plus William Hilbun of Starkville, now working for GCM, the purchase of the agency will allow GCM to continue to grow and expand with a new generation of leadership.

“We’re taking this opportunity to get back into the traditional independent insurance agency business, and once again be a family- and friends-owned and independently-operated agency,” said GCM officer Kyle Chandler III.

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