BB&T To Acquire Second Fla. Agency
|NU Online News Service, March 8, 4:15 p.m.EST?BB&T Insurance Services said it plans to buy IlerWall & Shonter Insurance Inc. of St. Petersburg, Fla.[@@]
|Terms were not disclosed.
|The acquisition would give BB&T Insurance, a subsidiary offinancial services company Branch Banking & Trust Company ofWinston-Salem, N.C., its second agency in Florida.
|With 73 employees, Iler Wall & Shonter is a full-serviceagency specializing in commercial property-casualty insurance,personal property and liability, employee benefits, life insurance,and financial planning.
|Created in 1995 with the merger of the Iler and Wall and Shonterand Shonter insurance agencies, the firm generated more than $75million in premiums in 2003.
|Rick Iler, Kipp Wall, Rick Shonter and Claire Shonter, theprincipal owners, will remain with the agency in managementroles.
|The Iler Wall & Shonter transaction is expected to becompleted in April.
|BB&T Insurance Services, based in Raleigh, completed itsfirst Florida acquisition, Landrum-Yaeger & Associates Inc. ofTallahassee, in November of 2002. It operates 72 agencies in NorthCarolina, Virginia, Georgia, South Carolina, Maryland, WestVirginia, Tennessee, Florida, Kentucky and Alabama.
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