RALEIGH, N.C. - BB&T Insurance Services Inc. announced a deal Wednesday to acquire Poindexter & Associates Inc., a Martinsville, Va., health insurance and employee benefits agency, to expand its Virginia operations.
Poindexter would complement BB&T's property and casualty agencies in nearby Ridgeway and Rocky Mount.
"One of our strategic objectives is to provide superior employee benefit services to our clients," said Wade Reece, president of BB&T Insurance Services. "Poindexter is a solid agency with great people that will allow us to expand our line of high-quality insurance services in this market."
Randy McGann, BB&T's regional employee benefits manager for Virginia, would head employee benefit sales. Poindexter president Ann M. Thomasson and vice president John A. Thomasson Jr. would hold the same roles in the newly merged agency, which would be renamed BB&T Insurance Services of Martinsville.
The transaction is expected to be completed next month. Terms were not disclosed. The announced acquisition comes on the heels of BB&T's announced deal to buy Chaney Thomas & Sarsfield Inc., a Roanoke employee benefits agency, and its sister company, the property-casualty agency Chaney, Thomas, Stephenson & Hill Inc.
BB&T Insurance Services, a wholly owned subsidiary of Branch Banking and Trust Co., operates 27 agencies in North Carolina, 19 in Virginia, four in South Carolina, and four in Georgia. Branch Banking and Trust is the principal subsidiary of BB&T Corp., a Winston-Salem, N.C., financial holding company with $55.2 billion of assets.