BB&T Corp. (NYSE: BBT), North Carolina’s second-biggest bank, agreed to buy Swett & Crawford for $500 million in cash to expand in the insurance-brokerage industry.

The purchase from Cooper Gay Swett & Crawford will add more than $200 million in annual revenue, Winston-Salem-based BB&T said Wednesday in a statement. The transaction, to close in the first half of this year, excludes non-U.S. operations that make up less than 5 percent of Swett & Crawford’s total revenue, BB&T said.

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