BB&T Corp.'s insurance unit has agreed to acquire Liberty Benefit Insurance Services, a purchase that will expand its California operations.
Liberty, an employee benefits broker, works with large commercial clients in the San Francisco Bay Area. Terms of the deal, expected to be completed Oct. 1, weren't disclosed.
Liberty will operate as BB&T-Liberty Benefit Insurance Services. The acquisition adds 25 employees to BB&T Insurance Services.
Like its peers, BB&T has posted stronger results in recent quarters as credit conditions improve and lower reserves are needed for troubled loans. Second-quarter results from the mid-Atlantic and Southeast regional bank showed a 46% jump in profit amid some progress in loan initiatives.
