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 Iler Wall & Shonter Insurance Inc. of St. Petersburg, Fla.[@@]

Terms were not disclosed.

The acquisition would give BB&T Insurance, a subsidiary of financial services company Branch Banking & Trust Company of Winston-Salem, N.C., its second agency in Florida.

With 73 employees, Iler Wall & Shonter is a full-service agency 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 Shonter and Shonter insurance agencies, the firm generated more than $75 million in premiums in 2003.

Rick Iler, Kipp Wall, Rick Shonter and Claire Shonter, the principal owners, will remain with the agency in management roles.

The Iler Wall & Shonter transaction is expected to be completed in April.

BB&T Insurance Services, based in Raleigh, completed its first Florida acquisition, Landrum-Yaeger & Associates Inc. of Tallahassee, in November of 2002. It operates 72 agencies in North Carolina, Virginia, Georgia, South Carolina, Maryland, West Virginia, Tennessee, Florida, Kentucky and Alabama.

Special Reports /

BB&T To Acquire Second Fla. Agency

Related Stories

Recommended For You