Mergers and Acquisitions
BB&T to acquire Crump Group insurance unitsPosted by RJ and Makay on Feb 06, 2012 |
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BB&T Corp. is acquiring the property/casualty and life insurance units of Crump Group, BB&T announced last Friday. The regional bank will pay $570 million in cash for the units, and will also acquire rights to the Crump name. The acquisition will not include Ascensus, Crump’s retirement services business, which will continue business as usual, Crump officials said.
The wealth management unit of Wells Fargo & Company reported weaker than expected fourth quarter 2011 results Monday. The firm attributed the tepid quarter to volatile investment markets and reduced client activity. Client assets within Wells Fargo Advisors declined 3% from Q4 2010 to $1.13 trillion, the company said. Fee-based income in the segment fell 2% to $198 million. The firm added 75 advisors in 2011 to bring its total to 15,263.
Raymond James Financial Inc. announced yesterday that it would acquire Morgan Keegan brokerage from Regions Financial Corp. for $930 million. As part of the deal, Morgan Keegan will pay a $250 million divided to Regions, bringing the total transaction to $1.8 billion. The acquisition will create one of the largest wealth management and investment banking firms away from Wall Street.
