BB&T announced Friday that it is purchasing a wholesale insurance brokerage in a $570 million cash deal.
The acquisition of two divisions from New Jersey-based Crump Group Inc. will make the Winston-Salem bank the country's biggest wholesale life insurance distributor. It will also boost the bank's commercial insurance business.
"The deal is a great strategic fit for BB&T, immediately increasing and diversifying our fee income while driving stronger revenues," CEO Kelly King said in a statement.
The purchase is expected to increase BB&T's annual revenue by $300 million. It is expected to close in the first quarter.