BB&T Insurance Services To Acquire Georgia Agency

Raleigh, NC - BB&T Insurance Services, the nation's seventh largest insurance broker, recently said it plans to expand its metro Atlanta and north Georgia operation with the acquisition of Sidney O. Smith Inc.

With offices in Gainesville and Alpharetta, Sidney O. Smith Inc. provides commercial and personal property and casualty coverage to 17,000 clients.

"Both the Gainesville area and the greater Atlanta market are very important to BB&T," said Wade Reece, president of BB&T Insurance Services. "We're thrilled to team up with a top caliber agency like Sidney O. Smith Inc. which has served those markets so well and for so long."

The transaction is expected to be completed in November. Terms were not disclosed. The agency's Alpharetta office will merge with BB&T's existing Alpharetta agency, BB&T-Huffines Russell.

Sidney O. Smith, the first licensed insurance agent in Georgia, founded the agency in 1916. The current majority owners are George D. Jones, chief executive officer, and Jim Moore, president. Moore will serve as agency manager following the merger.

"For 91 years, Sidney O. Smith Inc. has focused on offering a high level of personal attention to our clients," said Jones, who will serve as an advisor to the combined company. "BB&T Insurance shares a similar history and was the only merger choice for us as we recommit to our clients and to our employees. We are genuinely excited about this next step for our agency."

BB&T Insurance Services is a wholly owned subsidiary of Branch Banking and Trust Company. Founded in 1922, it operates 83 insurance agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida and Kentucky.

Branch Banking and Trust Company is the principal subsidiary of Winston-Salem N.C.-based BB&T Corporation . With $127.6B in assets, BB&T Corp. is the nation's 11th largest financial holding company.

SOURCE: BB&T Corporation