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BB&T PLANS INSURANCE MERGER WITH SANFORD AGENCY

 BB&T PLANS INSURANCE MERGER WITH SANFORD AGENCY
 SANFORD, N.C., Aug. 6 /PRNewswire/ -- BB&T Financial Corporation


(NASDAQ-NMS: BBTF) today announced an agreement to merge its insurance operation with one of Sanford's leading independent insurance agencies.
 Regional Insurance Services, a seven-person independent agency headquartered in Sanford, will become part of BB&T Insurance Services under a definitive agreement announced Thursday by officials of the Wilson-based bank holding company. Joseph B. McDonald is president of the Sanford Agency.
 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 early in the fourth quarter of 1992.
 "The outstanding reputation Joe McDonald has established in Sanford will enhance our efforts to expand our insurance network across the state," Reece said.
 Reece said BB&T plans to retain all seven Regional employees. He said McDonald will manage BB&T's new Sanford insurance office. "Obviously, the addition of Regional Insurance Services will give us a significant presence in the Sanford market when combined with BB&T's bank operations there," Reese 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 Sanford area. At the same time, we will be adding to our team some outstanding professionals in the insurance field. We are very excited about the people and products serving our customers in the Sanford area."
 McDonald 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.
 McDonald, 43, is a graduate of Elon College with a bachelor of arts degree. He joined the agency in 1984.
 He is on the board of directors and serves as vice president of the Sanford Area Chamber of Commerce and is a member of the Rotary Club. He also is a board member of Temple theater.
 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/Regional Insurance Services agency gives BB&T Insurance Services offices in nine North Carolina cities. The other eight cities are Asheville, Charlotte, Gastonia, Greenville, Hickory, High Point, Raleigh and Wilson.
 Through its subsidiary banks, BB&T Financial Corporation operates 217 offices in 116 cities and towns in the two Carolinas and has total assets in excess of $6.5 billion.
 -0- 8/6/92
 /CONTACT: Russell A. Thompson Jr., Senior Vice President, BB&T Financial Corporation, 919-399-4210/
 (BBTF) CO: BB&T Financial Corporation; Regional Insurance Services ST: North Carolina IN: FIN INS SU: TNM


JM -- CH007 -- 7474 08/06/92 09:52 EDT
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Publication:PR Newswire
Date:Aug 6, 1992
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