Raleigh, N.C.-based BB&T Insurance Services said it has reached an agreement with San Francisco-based Union Bank of California, N.A., to purchase its San Diego-based insurance subsidiary, UnionBanc Insurance Services Inc. Terms of the deal were not disclosed.
BB&T said the acquisition would expand its insurance operation in California, where wholesale insurance subsidiaries CRC Insurance Services and large account commercial insurer McGriff, Seibels & Williams already operate. It said it expects to close the transaction during the second quarter of this year pending regulatory approval.
With 369 employees, UnionBanc Insurance Services operates offices in Pleasanton, San Rafael, Stockton and Roseville in northern California; San Diego, Irvine, Fullerton and Glendale in southern California; and Portland, Ore.
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