Under the terms of the agreement, BB&T will acquire Crump Life Insurance Services and Crump Property & Casualty Insurance Services for $570 million in cash.

The transaction, which exceeds BB&T’s acquisition criteria, is expected to add approximately $300 million in annual revenue to BB&T Insurance. BB&T expects to record approximately $570 million of intangibles as a result of this acquisition. The transaction, which is subject to regulatory approval, is expected to close in the first quarter.