BB&T Corp.'s plan to buy First Virginia Banks Inc. would add a $7.7 million-revenue insurance agency to its already extensive insurance operation.
Winston-Salem, N.C.-based BB&T said on Tuesday that it intends to buy $11.2 billion-asset First Virginia of Falls Church -- its largest deal to date.
Wade Reece, the president of Raleigh, N.C.-based BB&T Insurance Services, called the deal "an exciting announcement" but said his unit had not yet decided how it would incorporate the insurance operation of First Virginia.
"We're just learning about the acquisition ourselves," he said. "We're really just beginning to formulate a strategy as to how to …