RALEIGH, N.C., July 30 /PRNewswire/ -- BB&T Insurance Services, the
nation's sixth largest insurance broker, today said it plans to expand its
coastal South Carolina operation with the acquisition of the Grand Strand's
largest insurance agency.
Puckett, Scheetz & Hogan, a coastal property insurance specialist,
provides a full range of risk management services for businesses and
families from its Myrtle Beach headquarters and a branch office in nearby
Pawleys Island.
The merger would give BB&T the largest insurance market share in
greater Myrtle Beach, a little more than a year after gaining the No. 1
banking market share in the same area.
"South Carolina's Grand Strand is a thriving area. To have the No. 1
market share in both banking and now, insurance, is another great step
forward for BB&T," said Wade Reece, chairman and chief executive officer of
BB&T Insurance Services. "Puckett, Scheetz & Hogan is an outstanding agency
with a thorough understanding of the unique challenges associated with
coastal property insurance."
The transaction is expected to be completed in early August. Terms were
not disclosed.
Puckett, Scheetz & Hogan President Mike Hogan founded the agency in
1989. It began as a coastal branch of the former Puckett, Scheetz & Hagler
agency based in Greenville, S.C.
Puckett, Scheetz & Hogan now has 50 employees, all of whom will remain
with "BB&T-Puckett, Scheetz & Hogan" following the acquisition.
"Having enjoyed both personal and professional relationships with BB&T
Insurance for several years now, I am even more energized about the future
of Puckett, Scheetz & Hogan," Hogan said.
"This business combination will be very beneficial to our clients, our
employees and the Grand Strand community. Our goal is to continue providing
the greatest value possible to our clients. We believe that joining forces
with the insurance industry leader will keep us meeting that goal for the
long run."
Hogan and his management team will remain as managers with
BB&T-Puckett, Scheetz & Hogan.
BB&T Insurance Services is a wholly owned subsidiary of Branch Banking
and Trust Company. Founded in 1922, it operates 99 insurance agencies in
North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia,
Tennessee, Florida, Kentucky and California.
Branch Banking and Trust Company is the principal subsidiary of
Winston-Salem N.C.-based BB&T Corporation (NYSE: BBT). With $136.5 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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Related links:
http://www.bbt.com
http://www.prnewswire.com/comp/809325.html /
CONTACT:
Wade Reece, Chairman and CEO of BB&T
Insurance Services Inc., +1-919-716-9770; Mike Hogan, President
of Puckett, Scheetz & Hogan, +1-843-448-8122; or Jeff Nichols,
Vice President of BB&T Corp. Communications, +1-336-733-1472
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