BB&T Insurance Services to acquire Georgia agencyRALEIGH, N.C., Dec 13, 2007 /PRNewswire-FirstCall via COMTEX/ --
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BB&T Insurance Services,
the nation's seventh largest insurance broker, today said it plans to expand
its metro Atlanta operation with the acquisition of Ott & Company of
Alpharetta, Ga.
Founded in 1978, Ott & Company is a full-service employee benefits
brokerage providing medical and dental benefits, life insurance, and
disability income insurance to more than 400 corporate clients.
The transaction is expected to be completed in early January. Terms were
not disclosed.
BB&T Insurance Services plans to merge Ott & Company with its existing
Alpharetta agency, BB&T-Huffines Russell. BB&T announced similar plans earlier
this year for the Alpharetta office of the Sidney O. Smith Inc. insurance
agency, which it acquired in November.
"Combining Ott & Company with both BB&T-Huffines Russell and Sidney O.
Smith's Alpharetta agency will give BB&T Insurance a well-rounded and
significant insurance brokerage operation in this prestigious area of greater
Atlanta," said Wade Reece, chairman and chief executive officer of BB&T
Insurance Services. "Ott & Company is a leader in providing employee benefits
and is an outstanding addition to BB&T."
Ott & Company has 13 employees, all of whom will remain with the combined
company, Reece said.
"Having worked with Sidney O. Smith for years, I was given an inside look
at BB&T Insurance and knew right away that combining forces was right for my
clients and my employees," said Stephen Ott, president of Ott & Company. "My
partner, Doris Marcus, and I look forward to being part of BB&T Insurance."
BB&T Insurance Services is a wholly owned subsidiary of Branch Banking and
Trust Company. Founded in 1922, it operates 84 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 (NYSE: BBT). With $130.8 billion in assets,
BB&T Corp. is the nation's 14th largest financial holding company. More
information about the company is available at http://www.BBT.com.
SOURCE BB&T Corporation
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