WINSTON-SALEM, N.C. - Southern National Corp. said it had agreed to acquire the Poole Insurance Agency Inc., for an undisclosed amount in stock.
The agency will operate as BB&T-Poole Insurance and will continue to be located in Greensboro, N.C.
The agency will become part of Southern National's BB&T Insurance Services Inc., which will have offices in 23 cities in the Carolinas after the transaction is completed.
Frank R. Poole 3d, president of the Poole agency, will manage BB&T's new Greensboro insurance office.
H. Wade Reece, president of BB&T Insurance Services, said the acquisition should be completed by the end of the third quarter, subject to regulatory approvals.
Mr. Reece said BB&T Insurance Services plans to retain all five of Poole's employees. "Obviously, the addition of the Poole Insurance Agency will give us a significant presence in the Greensboro market when combined with BB&T's bank operations there," Mr. Reece said.
Southern National has $20 billion in assets.