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.

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