Press Release
BB&T Insurance Services To Acquire NC Employee Benefits Agency
BB&T Insurance Services today said it plans to expand its employee benefits operation with the acquisition of Greensboro, N.C.-based Professional Benefits Management Inc.
The transaction is expected to be completed in February. Terms were not disclosed.
"This acquisition will allow us to strengthen our emphasis on employee benefits, an important piece of our product line,” said Wade Reece, president of BB&T Insurance Services. “We expect to gain lots of cross-selling opportunities as a result of this acquisition.”
Professional Benefits Management will continue to operate at its present location in Greensboro with all current employees. It also operates branch offices in Raleigh and Charlotte, N.C.
"This combination will mean that our customers will have access to a wider range of products at competitive prices, while retaining the personal relationships they’ve developed with their agents,” said Mike Steen, president of Professional Benefits Management.
Raleigh-based BB&T Insurance Services, a wholly owned subsidiary of Branch Banking and Trust Company, is the largest retail broker in the Carolinas and Virginia and 10th largest in the country.
It operates 69 agencies: 32 in North Carolina, 19 in Virginia, eight in Georgia, four in South Carolina, three in Maryland, two in West Virginia and one in Tennessee.
Branch Banking and Trust Company is the principal subsidiary of Winston-Salem, N.C.-based BB&T Corporation. With $70.9 billion in assets, BB&T Corp. is the fourth largest financial holding company in the Southeast and 16th largest in the nation.
BB&T operates more than 1,000 banking offices in the Carolinas, Georgia, Virginia, Maryland, West Virginia, Tennessee, Kentucky, Alabama and Washington, D.C.
BB&T and its subsidiaries offer full-service commercial and retail banking and additional financial services such as investments, retail brokerage, corporate finance, international banking, leasing and trust. More information is available at www.BBandT.com.
###
401khelpcenter.com, LLC is not the author of this press release and is not associated or affiliated with any firm or organization mentioned unless otherwise noted. Use of any information obtained from this press release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by 401khelpcenter.com, LLC.
