North Carolina-based BB&T Insurance Services plans to buy Lexington-based Employee Benefit Services of Kentucky. The acquisition would give BB&T its third Kentucky agency and second in Lexington.
BB&T Insurance Services acquired BB&T-Cromwell Insurance of Lexington, one of Kentucky’s oldest and best known equine insurance agencies, in May of last year.
“By combining Employee Benefit Services of Kentucky with property and casualty specialist BB&T-Cromwell, we’re now able to provide a full range of insurance products to our existing clients as well as our BB&T banking clients in the region,” said Wade Reece, president of BB&T Insurance Services.
The transaction is expected to be completed in June. Terms were not
disclosed.
With 17 employees, Employee Benefit Services of Kentucky provides life, health, dental, vision and disability income insurance as part of employee benefit plans.
Employee Benefit Services of Kentucky 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 Insurance Services also operates BB&T-Old Colony Insurance Services of Louisville. BB&T Corp. moved into Kentucky in 1999 with its acquisition of the former Matewan BancShares.
It is now in second place in Kentucky market share following its 2002 acquisitions of MidAmerica Bancorp of Louisville and Owensboro-based AREA Bancshares Corp.
Topics Kentucky
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