BB&T bank said it has entered an agreement to purchase premium finance company AFCO Credit Corp. and its Canadian affiliate, CAFO Inc., from Pittsburgh-based financial services company Mellon Financial Corporation.
Terms of the deal were not released. The transaction is subject to regulatory approval and is expected to be completed during the first quarter of 2007.
The Winston-Salem, N.C.-based BB&T said the deal would move the bank from the ninth to the second largest provider of additional credit and working capital.
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