BB&T Insurance Services is expanding its distribution network in California.
BB&T Insurance Services, a unit of BB&T Corp., Winston-Salem, N.C. (NYSE:BBT) – a midsize regional bank holding company – says it hopes to complete the acquisition of Liberty Benefit Insurance Services Inc., San Jose, Calif., Oct. 1.
BB&T Insurance Services is not saying how much it is paying for Liberty Benefit, but it says it will be taking on 25 Liberty Benefit employees, and that Liberty Benefit will operate as BB&T-Liberty Benefit Insurance Services.
The benefits brokerage firm was founded in 1991.
BB&T Insurance Services entered California in June 2008 when it acquired the insurance services business of UnionBanCal Corp., San Francisco.