North Carolina-based BB&T Corporation has completed its acquisition of insurance premium finance company Capitol Premium Plan Inc. of Charlotte, N.C.
BB&T has combined the 43-year-old firm with Prime Rate Premium Finance Corp. Inc., the Florence, S.C.-based premium finance business BB&T acquired in 1994.
The combined firm is one of the largest insurance premium finance companies in the Southeast and mid-Atlantic. It operates as a wholly owned subsidiary of Branch Banking and Trust Co. under the Prime Rate name. Terms were not disclosed.
Capitol Premium Plan provided insurance premium financing for consumers and businesses in the Carolinas, Tennessee, Florida and 12 other states. The firm’s 16 employees have joined the combined company and its headquarters in Charlotte is now a Prime Rate regional office.
Prime Rate Premium Finance Corporation provides premium financing and services through insurance agents to consumers and businesses in the Carolinas, Florida, Georgia, Alabama, Tennessee, Kentucky, Virginia, Maryland, West Virginia, Ohio, Pennsylvania and Washington, D.C.
BB&T’s last insurance premium finance acquisition was the former Southeastern Fidelity Corp. (SEFCO) of Tallahassee, Fla., in March 2003.
Branch Banking and Trust Company is the principal subsidiary of Winston-Salem-based BB&T Corporation. With more than $97 billion in assets, BB&T Corp. is the nation’s ninth largest financial holding company (including pending acquisitions).
BB&T operates more than 1,400 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Tennessee, Kentucky, Georgia, Florida, Indiana, Alabama and Washington, D.C.
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