Raleigh, N.C.-based BB&T Insurance Services, the insurance subsidiary of BB&T Corp. of Winston-Salem, announced plans to purchase Tallahassee, Fla. agency Landrum-Yaeger & Associates Inc.
The purchase represents BB&T Insurance’s first foray into Florida. Parent company BB&T Corp. recently purchased Tallahassee-based Regional Financial Corp. in a $271.5 million deal.
Part of BB&T Insurance’s acquisition strategy is to follow the banking operations into new markets.
The transaction is expected to close in November. Landrum-Yaeger & Associates, which specializes in coverage for commercial property, liability, employee benefits, construction surety and personal lines will be renamed BB&T-Landrum-Yaeger.
Landrum-Yaeger & Associates chairman R. Gary Landrum will be named BB&T’s Insurance Executive for northern Florida. Landrum founded the agency in 1959. Agency president Billy VanLandingham will be named agency manager of BB&T-Landrum-Yaeger.
All 27 employees will be retained and the company will continue to operate from its current location.
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