BB&T (BBT) in Winston-Salem, N.C., has agreed to buy insurance agency Woodbury & Co.
The $183 billion-asset company said in a press release Thursday that Woodbury has offices in Wilmington, N.C., and Myrtle Beach, S.C. The agency provides commercial property and casualty, employee benefits, individual life and health, personal lines; and professional liability protection to businesses and individuals.
Woodbury has more than 50 employees. BB&T said it expects to complete the acquisition on April. Financial terms were not disclosed.
"We could not be more pleased to welcome one of the oldest and most highly regarded agencies in the Southeast to our team," Wade Reece, chairman and chief executive of BB&T unit BB&T Insurance Holdings, said in the release. "This will be a great combination and great addition to our Carolinas franchise given Woodbury's well-known reputation for insurance and risk management expertise, and superior client service."
BB&T is an aggressive acquirer of insurance agencies, operating more than 100 agencies through BB&T Insurance Holdings and other units.