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BB&T Insurance Services Will Acquire Georgia Agency

December 20, 2007

Alpharetta, Ga. - BB&T Insurance Services plans to expand its metro Atlanta operation with the acquisition of Ott & Co. of Alpharetta, Ga.

Founded in 1978, Ott & Co. is a full-service employee benefits brokerage providing medical and dental benefits, life insurance and disability income insurance to more than 400 corporate clients.

Completion of the transaction is expected in early January. Terms were not disclosed.

BB&T Insurance Services plans to merge Ott & Co. with its existing Alpharetta agency, BB&T-Huffines Russell. BB&T announced similar plans earlier this year for the Alpharetta office of the Sidney O. Smith Inc. insurance agency, which it acquired in November.

"Combining Ott & Co. with both BB&T-Huffines Russell and Sidney O. Smith's Alpharetta agency will give BB&T Insurance a well-rounded and significant insurance brokerage operation in this prestigious area of greater Atlanta," says Wade Reece, chairman and CEO of BB&T Insurance Services. "Ott & Co. is a leader in providing employee benefits, and is an outstanding addition to BB&T."

Ott & Co. has 13 employees, all of whom will remain with the combined company, Reece says.

"Having worked with Sidney O. Smith for years, I was given an inside look at BB&T Insurance and knew right away that combining forces was right for my clients and my employees," says Stephen Ott, president of Ott & Co. "My partner, Doris Marcus, and I look forward to being part of BB&T Insurance."

Source: BB&T Corp.

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