Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

UNIONBANCAL CORPORATION

(UB)
End-of-day quote Nyse  -  08:34 2022-11-30 am EST
- USD    0.00%
2008UNIONBANCAL : MUFG sweetens UnionBanCal bid to $3.5 billion
RE
2008UNIONBANCAL : MUFG sweetens bid for UnionBanCal to $3.5 billion
RE
2008UNIONBANCAL : MUFG may sweeten bid for UnionBanCal
RE
SummaryNewsCompanyFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Unionbancal : BB&T Insurance Services to acquire Union Bank of California insurance brokerage arm

04/23/2008 | 05:15pm EST

RALEIGH, N.C. and SAN DIEGO, April 23 /PRNewswire-FirstCall/ -- Raleigh, N.C.-based BB&T Insurance Services today said it has reached an agreement with Union Bank of California, N.A., to purchase its San Diego-based insurance subsidiary, UnionBanc Insurance Services Inc.

The acquisition would expand BB&T Corporation's insurance operation in California, where wholesale insurance subsidiary CRC Insurance Services and large account commercial insurer McGriff, Seibels & Williams already operate.

The deal has been approved by the directors of BB&T Corporation (NYSE: BBT) and Union Bank holding company UnionBanCal Corporation (NYSE: UB). It is expected to be completed by the end of the second quarter pending regulatory approval. Terms were not disclosed.

"We're excited about expanding in California, the No. 1 state for insurance values in the country," said BB&T Insurance Services Chairman and Chief Executive Officer Wade Reece. "This partnership will only strengthen our overall investment on the West Coast."

Founded in 1922, BB&T Insurance Services is the nation's seventh largest insurance broker. BB&T's combined insurance operation includes 134 agencies across the country.

With 369 employees, UnionBanc Insurance Services operates offices in Pleasanton, San Rafael, Stockton and Roseville in Northern California; San Diego, Irvine, Fullerton and Glendale in Southern California; and Portland, Ore. It is the 31st largest insurance broker in the nation.

Union Bank entered the insurance brokerage business in 2001 with the acquisition of Fullerton-based Armstrong/Robitaille Business and Insurance Services. The additions of 115-year-old John Burnham and Company in 2002 and Pleasanton-based Tanner Insurance Brokers in 2003 expanded the company's footprint into San Diego and Northern California. In late 2003, Glendale-based Knight Insurance Agency joined the company.

UnionBanc Insurance Services is expected to operate as a wholly owned BB&T insurance subsidiary after the acquisition is completed. Martin Loth, who currently manages the McGriff, Seibels & Williams office in Irvine, would oversee the new West Coast subsidiary of BB&T Insurance Services.

When the acquisition is completed, BB&T plans to consolidate the UnionBanc Insurance Services offices in San Rafael and Roseville into "BB&T-Tanner Insurance" in Pleasanton and Stockton. It also plans to operate "BB&T Insurance Services of Orange County" in Fullerton and Irvine, "BB&T-John Burnham Insurance" in San Diego, and "BB&T-Knight Insurance" in Glendale. It plans to combine the Portland office of UnionBanc Insurance Services with BB&T's existing McGriff office there.

"We've made a decision to exit the insurance brokerage business in order to concentrate our efforts on enhancing other core fee-based lines of business, including wealth and asset management, institutional services, and capital markets-related activities," said Johannes (Johs) Worsoe, a senior executive vice president with Union Bank and head of its Global & Wealth Markets Group.

"We view insurance services as a critical component of our clients' financial services needs. By entering into this transaction with BB&T, our clients will have a broader offering of insurance and risk management services by a nationally recognized leader and a company we know will continue our high level of client service."

Merrill Lynch & Co. served as a financial advisor to Union Bank in the transaction; Shearman & Sterling LLP served as the company's legal advisor.

BB&T Insurance Services, McGriff, Seibels & Williams and CRC Insurance Services are wholly owned subsidiaries of BB&T Corporation principal subsidiary Branch Banking and Trust Company. BB&T acquired CRC in 2002 and McGriff two years later. Both companies are based in Birmingham, Ala.

Headquartered in San Francisco, UnionBanCal Corporation is a bank holding company with $55.7 billion in assets at year-end. Its principal subsidiary, Union Bank of California, N.A., had 330 banking offices in California, Oregon and Washington, and two international offices at year-end. The company's Web site is http://www.unionbank.com.

With $136.4 billion in assets, Winston-Salem, N.C.-based BB&T Corporation is the nation's 14th largest financial holding company. It operates nearly 1,500 financial centers in 11 states and Washington, D.C. More information about the company is available at http://www.BBT.com.

SOURCE BB&T Corporation


ę PRNewswire 2008
All news about UNIONBANCAL CORPORATION
2008UNIONBANCAL : MUFG sweetens UnionBanCal bid to $3.5 billion
RE
2008UNIONBANCAL : MUFG sweetens bid for UnionBanCal to $3.5 billion
RE
2008UNIONBANCAL : MUFG may sweeten bid for UnionBanCal
RE
2008UNIONBANCAL : MUFG seeks rest of UnionBanCal for $3 billion
RE
2008Unionbancal : BB&T Insurance Services to acquire Union Bank of California insurance broker..
PR
2007Unionbancal Corp : Union Bank of California Finalizes Compliance Agreements
BU
2007Unionbancal Corp : Union Bank of California Wins Four Awards for Excellence in Commercial ..
BU
2007Unionbancal Corp : Pacific Northwest Housing Market among Healthiest in Nation, Says Union..
BU
2007Unionbancal Corp : UnionBanCal Corporation's Chief Operating Officer to Address Lehman Bro..
BU
2007Unionbancal Corp : Masashi Oka Named Chief Risk Officer at UnionBanCal Corporation
BU
More news