BB&T Corp. continued its insurance acquisition binge Monday with the announcement that it is buying an independent agency in southwestern Virginia.
Old Dominion Insurance Services - with offices in Radford, Pulaski, and Christiansburg - would give the bank its first insurance presence in southwestern Virginia, said Bronna B. Greer, merger and acquisition manager at BB&T Insurance Services Inc. This would leave northern Virginia as the only section of the state without a BB&T insurance presence, she said.
Terms of the deal, which is expected to close in mid-April, were not disclosed. The acquired agency would do business as BB&T-Old Dominion, Ms. Greer said.
Besides its location, she said, Old Dominion was attractive because of its strong reputation and history. The agency, which has 22 employees, was founded in 1922.
BB&T Insurance Services, the 16th-largest insurance agency in the United States, also has offices in North Carolina, South Carolina, and Georgia.