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.
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