RALEIGH, N.C. - BB&T Trust said Wednesday that it is buying Southeastern Trust Co. of Greenville, S.C., to increase its South Carolina trust and asset management business.
Established in 1988, Southeastern Trust has more than $700 million of assets under management and offices in Anderson, Charleston, Columbia, and Greenville. BB&T Trust has offices in Columbia, Florence, and Greenville.
BB&T Trust, of Raleigh, said the deal would expand its ability to serve wealthy individuals and institutional investors in South Carolina. The deal is expected to be completed in October, pending regulatory approval. The price was not disclosed.
BB&T Trust is a division of Branch Banking and Trust Co., the principal subsidiary of the $68.9 billion-asset BB&T Corp. of Winston-Salem.