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BB&T closes Swett & Crawford acquisition

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BB&T closes Swett & Crawford acquisition

BB&T Corp.announced that it has completed its acquisitionof CGSC North America Holdings Corp. from CooperGay Swett & Crawford Ltd., according to an April 1 news release.

BB&T acquired Swett & Crawford for $500 million in cash.The transaction is expected to add more than $200 million in annual revenue to BB&TInsurance. BB&T anticipates recording about $500 million of goodwill and intangiblesas a result of the acquisition.