BB&T PLANS ACQUISITION OF KEY RISK MANAGEMENT SERVICES, INC.
WILSON, N.C., March 24 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) today announced an agreement to acquire Key Risk Management Services, Inc. of Greensboro, N.C. Key Risk is one of the state's leading providers of insurance claims processing services for self-funded workers' compensation programs and qualified self-insureds. Key Risk is a third party administrator who also provides loss control and educational services for its clients. Key Risk was formed in April 1986 and has three offices located in Greensboro, Raleigh, and Lenoir. Key Risk has over 100 full-time employees. BB&T Financial Corporation is the parent company of Branch Banking and Trust Company, North Carolina's oldest bank, and BB&T of South Carolina. Henry G. Williamson, Jr., president and chief operating officer of BB&T, said the acquisition should be completed in the third quarter of 1993. "Key Risk has an outstanding reputation in the workers' compensation insurance claims processing arena," Williamson said. "The expertise of Key Risk combined with BB&T's financial resources will enable us to better meet the workers' compensation needs of customers throughout the Carolinas." Bobby G. Biggerstaff, President of Key Risk, added: "We are very pleased to be joining the BB&T family and are excited about our combined future growth prospects in the workers' compensation field. We will continue to execute upon our current business strategy and will continue to use our network of independent agents to develop future growth opportunities." BB&T Financial Corporation intends to issue shares of its common stock to complete the acquisition. The acquisition is subject to the approval of the appropriate regulatory authorities. Key Risk generated total revenues in excess of six million dollars in 1992. The company has experienced a 40 percent compound annual growth rate in revenues during the preceding four years. At the end of December 1992, BB&T had total assets of $6.69 billion, total loans of $4.52 billion, and total deposits of $5.35 billion. Through its subsidiaries in North and South Carolina, BB&T operates 229 offices in 122 cities. BB&T Financial Corporation common stock is traded on the NASDAQ National Market System and is listed under the symbol BBTF. -0- 3/24/93 /CONTACT: B. Gloyden Stewart, Jr., Senior Vice President, Investor Relations, 919-399-4219, or Scott E. Reed, Senior Executive Vice President & Treasurer, 919-399-4418, both of BB&T Financial Corporation/ (BBTF)
CO: BB&T Financial Corporation; Key Risk Management Services, Inc. ST: North Carolina IN: FIN SU: TNM
CM -- CH006 -- 9195 03/24/93 14:50 EST
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|Date:||Mar 24, 1993|
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