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BB&T PLANS INSURANCE MERGER WITH WALLACE AGENCY

 WALLACE, N.C., June 25 /PRNewswire/ -- BB&T Financial Corporation (NASDAQ-NMS: BBTF) announced an agreement to merge its insurance operation with the Ralph Carlton Insurance Agency.
 Ralph Carlton Insurance Agency, Inc., a six-person independent agency headquartered in Wallace, will become part of BB&T Insurance Services under a definitive agreement announced Wednesday by officials of the Wilson-based bank holding company. Harry L. Carlton is president of the Wallace 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 by the end of the third quarter of 1993.
 "I have known Harry Carlton, W.S. Wells and Steve Wells for a number of years and the outstanding reputation they have established in Wallace will enhance our efforts to expand our insurance network across the state," Reece said.
 Reece said BB&T plans to retain all six Carlton employees. Steve Wells will manage BB&T's new Wallace insurance office. "Obviously, the addition of the Ralph Carlton Agency will give us a significant presence in the Wallace market when combined with BB&T's bank operations there," Reece said.
 Danny Daniels, president of BB&T's Neuse River Region, said the merger of insurance operations will enhance the bank's overall effort. "Having a local insurance operation will provide us with significant new exposure in the Wallace 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 Wallace area."
 Carlton 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.
 Carlton, 59, has over 35 years insurance experience. He is chairman of Duplin County Board of Economic Development, a member of Wallace Masonic Lodge No. 595, past president of the Wallace Jaycees and served 20 years as a Wallace Volunteer Fireman.
 He and his wife, Shirley, have three children.
 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 BB&T-Carlton Wells Insurance Agency in Wallace gives BB&T Insurance Services offices in sixteen North Carolina cities. The other fifteen cities are: Aberdeen, Asheville, Charlotte, Elizabethtown, Fayetteville, Gastonia, Greenville, Hickory, High Point, Mount Airy, Raleigh, Rocky Mount, Roseboro, Sanford and Wilson.
 Through its subsidiary banks, BB&T Financial Corporation operates 241 offices in 126 cities and towns in the two Carolinas and has total assets in excess of $6.7 billion.
 -0- 6/25/93
 /CONTACT: Russell A. Thompson, Jr., Senior Vice President, BB&T Financial Corporation, 919-399-4210/
 (BBTF)


CO: BB&T Financial Corporation; Ralph Carlton Insurance Agency, Inc. ST: North Carolina IN: FIN INS SU: TNM

SB -- CH008 -- 5862 06/25/93 16:33 EDT
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Publication:PR Newswire
Date:Jun 25, 1993
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