NPBC National Penn Bancshares, Inc.

   By Tess Stynes 
 

BB&T Corp. (BBT) agreed to acquire U.S. wholesale insurance broker Swett & Crawford for $500 million in a deal that is expected to boost the regional bank's insurance arm.

The deal for Swett & Crawford, formally known as CGSC North America Holdings Corp., excludes Swett & Crawford's smaller business outside the U.S., which comprises less than 5% of its revenue.

The planned acquisition, expected to close in the first half of this year, is expected to contribute more than $200 million in annual revenue to BB&T's insurance business.

The Winston-Salem, N.C., bank has been growing through acquisitions when many other lenders of similar size have remained on the sidelines of M&A. BB&T completed its acquisition of Susquehanna Bancshares in August, while its pending deal for National Penn Bancshares Inc. (NPBC) is expected to close in early April.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

February 24, 2016 16:59 ET (21:59 GMT)

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