July 27, 2009 (FinancialWire) — Evans Bancorp, Inc. (NASDAQ: EVBN) (Current Market Cap: $35.65 Mil.) said that its Evans Bank subsidiary has acquired the banking operations of Waterford Village Bank in a transaction facilitated by the Federal Deposit Insurance Corp.

The company said that Waterford deposits are being assumed by Evans Bank with no losses to any depositor. Waterford Village Bank’s full service branch will open Monday at its usual time as a branch of Evans Bank.

Evans Bank said it was selected to complete this transaction through a competitive bidding process. The company said the acquisition complements Evans’ existing network of branches, fits well with its strategic growth plans and helps to deepen its reach into the northtowns area of Western New York.

Evans Bank will assume around $56 million in deposits and $43 million in loans. Under the terms of the agreement, the FDIC will make an initial payment of $800,000 to Evans Bank and will compensate Evans Bank for any capital shortfall of Waterford Village Bank as determined at the final closing.

Hamburg, New York-based Evans Bancorp is the parent company of Evans Bank, N.A., a commercial bank with twelve branches located in Western New York. The company’s insurance subsidiary, The Evans Agency, provides retail property and casualty insurance through 15 insurance offices in the Western New York region.

Evans Investment Services, a wholly-owned subsidiary of Evans Bank, provides non-deposit investment products such as annuities and mutual funds.

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