BB&T Corporation in Winston-Salem, N.C. said it would acquire brokerage and investment banking firm Bergen Capital Inc.
Bergen Capital will become part of Richmond, Va.-based Scott & Stringfellow, a wholly owned brokerage and investment banking subsidiary of BB&T Corp.
The transaction, which is subject to regulatory approval, is expected to be completed in the first quarter. Terms were not disclosed.
Bergen Capital is a full-service brokerage firm specializing in underwriting and distributing debt securities for private clients, small businesses, institutions, nonprofits and corporations. It is based in Hasbrouck Heights, N.J., with an additional office in the Atlanta suburb of Alpharetta, Ga.
Scott & Stringfellow and its capital markets division, BB&T Capital Markets, has 57 offices in nine states and more than 900 professionals specializing in personal investment advice and money management; investment banking; primary research; and fixed income and equity capital markets.
Founded in 1893, Scott & Stringfellow is a member of the New York Stock Exchange. It was acquired by BB&T Corporation in March 1999.
Winston-Salem-based BB&T Corporation and its subsidiaries offer full- service commercial and retail banking and additional financial services such as insurance, investments, retail brokerage, corporate finance, consumer finance, treasury services, international banking, leasing and trust.
BB&T operates more than 1,400 financial centers in the Carolinas, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana and Washington, D.C.
With $107.1 billion in assets, BB&T Corporation is the nation’s ninth largest financial holding company. More information is available at www.BBandT.com.
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