BB&T's insurance arm will buy a two-office metro Atlanta insurance agency, expanding its presence in a lucrative Southeastern market.
BB&T Insurance Services, headquartered in Raleigh, will acquire Sidney O. Smith Inc., which has offices in Gainesville and Alpharetta, Ga., and provides commercial and personal property and casualty coverage to 17,000 clients.
The acquisition will likely close in November, the company said. Terms weren't disclosed.
Sidney O. Smith, the first licensed insurance agent in Georgia, founded his eponymously named agency in 1916. The current majority owners are CEO George D. Jones and President Jim Moore.
Moore will become agency manager following the merger.
BB&T, headquarted in Winston-Salem, is the No. 3 bank in the Triangle by market share. Shares were down 1.2 percent in early afternoon trading Friday to $40.48.
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