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BB&T PLANS INSURANCE MERGER WITH MOORE COUNTY AGENCY

 BB&T PLANS INSURANCE MERGER WITH MOORE COUNTY AGENCY
 PINEHURST, N.C., Sept. 23 /PRNewswire/ -- BB&T Financial Corporation


(NASDAQ-NMS: BBTF) today announced an agreement to merge its insurance operation with one of Moore County's leading independent insurance agencies.
 Gouger, O'Neal and Saunders Insurance Services Inc., a nine-person independent agency headquartered in Aberdeen, will become part of BB&T Insurance Services under a definitive agreement announced Tuesday by officials of the Wilson-based bank holding company. William P. Saunders Jr. and Dale Shepherd are current owners of the Aberdeen agency. Shepherd is agency manager.
 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.
 H. Wade Reece, senior vice president and manager of BB&T Insurance Services, headquartered in Raleigh, said the acquisition should be completed in the fourth quarter of 1992.
 "The outstanding reputation Dale Shepherd and his employees have established in the Moore County area will enhance our efforts to expand our insurance network across the state," Reece said.
 Reece said BB&T plans to retain all nine employees. He said Shepherd will manage BB&T's new Moore County area insurance office.
 "Obviously, the addition of Gouger, O'Neal and Saunders Insurance Services will give us a significant presence in the Moore County market when combined with BB&T's bank operations there," Reece said.
 Allen White, president of BB&T's Sandhills Region, said the merger of insurance operations will help the bank's overall effort. "Having a local insurance operation will provide us with significant new exposure in the Moore County area," he said.
 Shepherd said the transaction will allow him to provide a wider range of products and continue to offer high-quality service to existing and prospective customers. "We're excited about joining forces with BB&T and enthusiastic about BB&T's plans for future growth," he said.
 Shepherd, 37, is a graduate of Wake Forest University with a bachelor of science degree in business administration. He is a member of the Southern Pines Rotary Club and the First Baptist Church of Southern Pines. He has obtained the Certified Insurance Counselor (CIC) and Accredited Advisor of Insurance (AAI) designations and serves on several committees of the Independent Insurance Agents of North Carolina.
 To complete the acquisition, BB&T Financial Corporation plans to issue shares of its common stock. Completion of the transaction is subject to the approval of appropriate regulatory agencies.
 The addition of the BB&T Aberdeen agency gives BB&T Insurance Services offices in 10 North Carolina cities. The other nine cities are Asheville, Charlotte, Gastonia, Greenville, Hickory, High Point, Raleigh, Sanford and Wilson.
 Through its subsidiary banks, BB&T Financial Corporation operates 210 offices in 116 cities and towns in the two Carolinas and has total assets in excess of $6.5 billion.
 -0- 9/23/92
 /CONTACT: Russell A. Thompson Jr., Senior Vice President, BB&T Financial Corporation, 919-399-4210/
 (BBTF) CO: BB&T Financial Corporation; Gouger, O'Neal and Saunders Insurance
 Services Inc.; BB&T Insurance Services ST: North Carolina IN: FIN INS SU: TNM PER


CM-MM -- CH005 -- 2648 09/23/92 12:33 EDT
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Publication:PR Newswire
Date:Sep 23, 1992
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