Raleigh, N.C., and San Diego — Raleigh, N.C.-based BB&T Insurance Services reached an agreement with Union Bank of California, N.A., to purchase its San Diego-based insurance subsidiary, UnionBanc Insurance Services Inc.
The acquisition would expand BB&T Corp.'s insurance operation in California, where wholesale insurance subsidiary CRC Insurance Services and large account commercial insurer McGriff, Seibels & Williams already operate.
The directors of BB&T Corp. and Union Bank holding company UnionBanCal Corp. have approved the deal. Completion is expected by the end of the second quarter, pending regulatory approval. Terms were not disclosed.
"We're excited about expanding in California, the No. 1 state for insurance values in the country," says Wade Reece, BB&T Insurance Services chairman and CEO. "This partnership will only strengthen our overall investment on the West Coast."
With 369 employees, UnionBanc Insurance Services operates offices in Pleasanton, San Rafael, Stockton and Roseville in Northern California; San Diego, Irvine, Fullerton and Glendale in Southern California; and Portland, Ore.
UnionBanc Insurance Services is expected to operate as a wholly owned BB&T insurance subsidiary after the acquisition is completed. Martin Loth, who currently manages the McGriff, Seibels & Williams office in Irvine, would oversee the new West Coast subsidiary of BB&T Insurance Services.
When the acquisition is completed, BB&T plans to consolidate the UnionBanc Insurance Services offices in San Rafael and Roseville into "BB&T-Tanner Insurance" in Pleasanton and Stockton. It also plans to operate "BB&T Insurance Services of Orange County" in Fullerton and Irvine, "BB&T-John Burnham Insurance" in San Diego and "BB&T-Knight Insurance" in Glendale. BB&T plans to combine the Portland office of UnionBanc Insurance Services with BB&T's existing McGriff office there.
Source: BB&T Corp.
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