Southeastern Bank Buys Insurance Agency

First Citizens Bank, Raleigh, NC, says it has entered into an agreement in principle to acquire Yancey Insurance Agency Inc., a general insurance agency headquartered in Raleigh, and its subsidiary, Gilliam, Barbour and Barefoot. The completion of the transaction is subject to the execution of a definitive agreement and regulatory approval.

First Citizens Bank Chairman Lewis R. Holding says, "The acquisition of Yancey Insurance Agency will strengthen the bank's commitment to insurance business, increase the bank's competitive position and enhance the bank's position of providing a complete financial package for its customers."

The Yancey Agency is a third generation Raleigh insurance agency. Robert G. Yancey III, president, and Victor B. Yancey, vice president, together with their management team will join First Citizens. In addition, all of Yancey's employees will be offered positions with First Citizens to provide continuity of service for Yancey's customers.

The Yancey Agency will become a part of First Citizens' Insurance Services, managed by H. Lee Hargrove, senior vice president.