BB&T Financial Corp. will expand its insurance office network with the acquisition of an independent insurance agency in Eden, N.C.
The Wilson, N.C., banking company expects to close on its purchase of Wall Insurance Agency by fall. The bank will issue an undisclosed amount of common stock to the company's principals to complete the deal.
The acquisition of Wall will mark BB&T's third purchase of an independent insurance agency this year.
BB&T purchases independent agencies as a way of acquiring local expertise and clients rather than going into communities and starting from scratch, according to Wade Reece, insurance-services manager for BB&T. The bank has $7.2 billion in assets and operates in North and South Carolina.