POE & ASSOCIATES, INC. COMPLETES MERGER WITH BROWN & BROWN, INC.
TAMPA, Fla., April 28 /PRNewswire/ -- Poe & Associates, Inc. (NASDAQ-NMS: POEA) announced today that it has completed the previously announced merger with Brown & Brown, Inc. of Daytona Beach, Fla. The name of the surviving corporation is Poe & Brown, Inc. William F. Poe, chairman of the board, stated that, "Our shareholders today voted in favor of the merger, certain related proposals concerning voting rights, and an increase in the number of authorized shares of the corporation to 18 million from 9 million." On all three issues, those shareholders w ?voted approved each by over 99 percent. Brown shareholders approved the transaction earlier. As a result of the merger, the shareholders of Brown & Brown will receive an aggregate of 3,014,000 shares of Poe common stock, at the rate of 4.48 Poe shares for each Brown share. J. Hyatt Brown, the new president and chief executive officer, stated that "effective April 29, 1993, the corporation's shares will trade under the symbol POBR." Brown added that because of previous planning, steps to combine duplicative locations and operations will be able to be taken immediately. The strengthening of the combined retail operations is a major priority. The combined proforma results, for the two corporations, for the quarter ending March 31, were: Revenues $23,804,000, compared with $22,875,000 for 1992. Net income for the first quarter was $2,236,000, or $.27 per share, compared with 1992 of $2,028,000, or $.24 per share. Poe & Brown, Inc., a general insurance agency headquartered in Tampa, is among the nation's leading independent insurance agency organizations. The company has offices throughout Florida and in Arizona, California, Colorado, Connecticut, Georgia, New Jersey, North Carolina and Texas. -0- 4/28/93 /CONTACT: William F. Poe, chairman of Poe & Associates, 813-222-4100, or J. Hyatt Brown, president of Brown & Brown, 904-252-9601/ (POEA POBR)
CO: Poe & Associates, Inc.; Brown & Brown, Inc.; Poe & Brown, Inc. ST: Florida IN: INS SU: TNM
BR-BN -- AT019 -- 2210 04/28/93 15:52 EDT
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|Date:||Apr 28, 1993|
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