BB&T To Buy Third Ky. Agency
NU Online News Service, May 13, 3:22 p.m. EDT?BB&T Insurance Services brokerage said it plans to buy Lexington, Ky.-based Employee Benefit Services of Kentucky.[@@]
The transaction is expected to be completed in June, the company said. Terms were not disclosed.
With 17 employees, Employee Benefit Services provides life, health, dental, vision and disability income insurance as part of employee benefit plans.
Employee Benefit Services was created in 1998 with the merger of Benefit Plans of Kentucky and Employee Benefits Service Corp.
Principal owners Ron Luft and Jim Dingus will remain with the combined agency in management roles, BB&T said.
The acquisition would give the Raleigh, N.C.-based insurance broker its third Kentucky agency and second in Lexington, BB&T said.
BB&T Insurance Services is a subsidiary of BB&T Corp., a financial holding company based in Winston- Salem N.C.
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