Friday, March 28, 2014

BB&T Insurance buying Carolina firm

BB&T Insurance said it's boosted its presence on the Carolina coasts by acquiring Woodbury & Co., based in Wilmington and Myrtle Beach.

Woodbury, founded in 1932, has more than 50 employees and offers commercial property insurance, personal insurance and employee benefits. The deal is expected to close in April.

"We could not be more pleased to welcome one of the oldest and most highly regarded agencies in the Southeast to our team," said BB&T Insurance Holdings Chairman and CEO Wade Reece said in a statement.

BANK OF AMERICA RELEASES ANNUAL REPORT: CEO Brian Moynihan says 2013 was the year the bank's earnings power began to shine through more clearly. He also says employees are full of energy and optimism about the future of the bank.

DECISIONPOINT ADVISES ON ACQUISITION: The Charlotte firm that advises tech companies on deals said this week that its client Software Management Inc. has been acquired by Tucson-based Simpleview. Software Management provided tech solutions for destination marketing companies.

MIKE MAYO STILL BEARISH ON BOFA: The well-known CLSA analyst said on CNBC he's still not comfortable with the bank's legal risk and its positioning in the industry. He admits he's been on the wrong side of the stock for the past few years, though.

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