WINDSOR, Va., June 8, 2017 /PRNewswire/ -- 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.
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SOURCE Farmers Bankshares, Inc.