NU Online News Service, April 5, 2005, 5:50 p.m. EDT
A giant Charlotte, N.C., bank holding company has agreed to scoop up Palmer & Cay Inc., Savannah, Ga., a large insurance brokerage and benefits consulting firm.[@@]
Executives at the bank holding company, Wachovia Corp., say the company is acquiring the brokerage firm, Palmer & Cay Inc., to strengthen its benefits and property-casualty brokerage operations on the East Coast, in the Midwest and in the Southwest.
Wachovia has $493 billion in assets and retail offices up and down much of the East Coast. Its own Wachovia Insurance Services unit has about 850 employees.
Palmer & Cay has 950 employees and 34 offices in the District of Columbia and 22 states.