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BB&T Agrees To Acquire Florida Agency

By Staff Writer

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NU Online News Service, March 8, 2004, 1:13 p.m. EST – BB&T Insurance Services, Raleigh, N.C., has agreed to acquire Iler Wall & Shonter Insurance Inc., St. Petersburg, Fla.[@@]

Iler Wall sells employee benefits, life insurance and financial planning services as well as commercial property-casualty insurance. The agency has 73 employees and generates about $75 million in annual premium revenue.

BB&T Insurance, a unit of BB&T Corp., Winston-Salem, N.C., a large bank holding company, is not disclosing the deal price, but it says it is hiring Iler Wall’s principal owners and top sales reps.

The principals are Rick Iler, Kipp Wall, Rick Shonter and Claire Shonter.

The top reps, who also are shareholders, are Susan Antekeire, Jeff Busch, Jack Coggeshall and Al Klutts.

BB&T Insurance now has 72 agencies in 10 states. It completed the acquisition of another Florida agency, Landrum-Yaeger & Associates Inc., Tallahassee, Fla., in November 2002.