The purchase would extend Raleigh, North Carolina-based BB&T Corporation's insurance operations in California, where it already has a presence through wholesale insurance subsidiary CRC Insurance Services and large account commercial insurer McGriff, Seibels & Williams.
BB&T Insurance Services Chairman and Chief Executive Officer Wade Reece said, "We're excited about expanding in California, the No. 1 state for insurance values in the country. This partnership will only strengthen our overall investment on the West Coast."
Union Bank entered the insurance brokerage business seven years ago when it acquired Armstrong/Robitaille Business and Insurance Services. The additions of 115-year-old John Burnham and Company in 2002 and Tanner Insurance Brokers in 2003 expanded the company's footprint into San Diego and Northern California. In late 2003, Glendale-based Knight Insurance Agency joined the company.