BB&T Completes SEFCO Acquisition

April 2, 2003

BB&T Corporation reported that it has completed the company’s acquisition of insurance premium finance company Southeast Fidelity Corporation (SEFCO) of Tallahassee, Fla. BB&T has combined the 5-year-old firm with Prime Rate Premium Finance Corporation Inc., the Florence, S.C.-based premium finance business BB&T acquired in 1994.

The combined firm is one of the largest insurance premium finance companies in the Southeast and mid-Atlantic. It operates as a wholly owned subsidiary of Branch Banking and Trust Company under the Prime Rate name. Terms were not disclosed.

The SEFCO acquisition follows BB&T’s recent banking and insurance agency expansion into Florida. BB&T Corporation acquired Tallahassee-based Regional Financial Corporation, parent company of First South Bank, in mid-September. The $271.5 million acquisition gave BB&T entry into the Sunshine State. BB&T Insurance Services acquired Landrum-Yaeger & Associates Inc. of Tallahassee in November.

SEFCO provided insurance premium financing for consumers and businesses in Florida, Georgia, North Carolina and Virginia. Its 12 employees have joined the combined company and the SEFCO headquarters at 2928 Wellington Circle in Tallahassee is now Prime Rate’s Florida regional headquarters.

The combined Prime Rate Premium Finance Corporation provides insurance premium financing and services through insurance agents to a wide customer base in the Carolinas, Florida, Georgia, Alabama, Tennessee, Kentucky, Virginia, Maryland, West Virginia, Ohio, Pennsylvania and Washington, D.C.

Topics Mergers Florida Virginia

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