Press Release
BB&T completes acquisition of Hunt, DuPree, Rhine & Associates Inc.
WINSTON-SALEM, NC., July 1, 2002 – BB&T Corporation today completed its acquisition of Hunt, DuPree, Rhine & Associates Inc. of Greenville, S.C.
BB&T has combined the 70-year-old firm with W.E. Stanley & Co. Inc., the Greensboro, N.C.-based actuarial and employee benefits consulting company BB&T acquired in 1998.
The new firm has been named Stanley, Hunt, DuPree & Rhine Inc. (SHDR) and will operate as a wholly owned subsidiary of Branch Banking and Trust Company with dual headquarters in Greensboro and Greenville. Terms were not disclosed.
With more than 200 employees, the combined company offers group medical plans, insurance and investment consulting, actuarial services, benefit communications and 401k and Section 125 flexible benefits programs.
W.E. Stanley President Phillip Floyd has been named chief executive officer of the combined company while Hunt, DuPree, Rhine President Chip Hunt will serve as its president. The new company’s key markets will include major metropolitan areas in the Carolinas, Alabama, Georgia, Maryland, Tennessee, Virginia and West Virginia.
Branch Banking and Trust Company is the principal banking subsidiary of Winston-Salem-based BB&T Corporation. BB&T Corp. operates more than 1,100 banking offices in the Carolinas, Virginia, Maryland, Georgia, West Virginia, Kentucky, Tennessee, Alabama, Indiana and Washington, D.C.
With $74.9 billion in assets as of March 31, BB&T Corp. is the nation’s 13th largest financial holding company. Barron’s, a Dow Jones weekly, ranks BB&T as the second highest performing financial institution in the country. More information is available at www.BBandT.com.
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