secwatch.observer — SEC 8-K summary
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Issuer:     EVANS BANCORP INC (—)
CIK:        0000842518
Form:       8-K
Filed at:   2023-12-01T23:59:59+00:00
Accession:  0001104659-23-122886
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Evans Bancorp closes sale of insurance agency to Gallagher for $40M; $2.377M holdback added
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- Closed sale of The Evans Agency (TEA) to Arthur J. Gallagher & Co. for $40M cash, as previously announced Nov 7.
- At closing, Gallagher paid $35.6M cash to TEA, placed $2M in escrow for indemnification, and retained $2.377M holdback.
- Holdback of $2.377M is payable to TEA after two years based on performance of certain customer accounts.
- TEA had total revenue of $10.0M for year ended Dec 31, 2022; president Aaron Whitehouse left TEA and joined Gallagher.
- Amendment to purchase agreement added the holdback provision; pro forma financials to be filed by Dec 6.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842518/000110465923122886/0001104659-23-122886-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842518/000110465923122886/tm2332008d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-122886

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