) subsidiary, BB&T Insurance Services, announced the
acquisition of Woodbury & Co. The deal will increase the
company's footprint in North and South Carolina as Woodbury has
offices in Wilmington (NC) and Myrtle Beach (SC).
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Though the terms of the deal were not disclosed, it is scheduled
to be completed on April 1. Moreover, upon completion, BB&T
Insurance will integrate its existing offices in Wilmington and
Myrtle Beach with Woodbury. Additionally, Woodbury's President
and Commercial Lines Manager will be joining BB&T Insurance's
Founded in 1932, Woodbury offers commercial property and
casualty, employee benefits, individual life and health, personal
lines as well as professional liability insurance to businesses
and individuals. Currently, Woodbury employs more than 50 people.
This is BB&T's first acquisition deal this year. Earlier in
Dec 2013, the company announced a deal to acquire 21 branches in
Texas from Citibank, the consumer banking division of
) for $36 million. The transaction is expected to close by the
second quarter of 2014. Earlier in Jul 2012, the company acquired
BankAtlantic Bancorp Inc.'s wholly-owned bank subsidiary,
Further, in April 2012, BB&T Insurance acquired NJ-based
Crump Group Inc.'s life insurance and property and casualty
(P&C) insurance units, along with the rights to use the Crump
name. Also, in 2011, BB&T Insurance completed the acquisition
of Atlantic Risk Management, Liberty Benefit Insurance Services
and Precept Group.
Apart from growing inorganically, BB&T remains focused on its
organic growth strategy. This will continue to improve the
quality of its deposit base, reduce funding costs and aid growth
in fee income.
Currently, BB&T carries a Zacks Rank # 3 (Hold). Some
better-ranked major banks include
). Both of these have a Zacks Rank #2 (Buy).