WINSTON-SALEM, N.C. (AP) -- BB&T Corp will acquire the insurance businesses of privately held Crump Group Inc. for $570 million in cash, the regional bank said Friday.

The acquisition includes Crump Group's life insurance and property and casualty insurance divisions, along with rights to the Crump name. Crump's retirement services division, Ascensus, will continue to operate as it has previously, said Crump, based in Roseland, N.J.

Crump's life insurance unit is one of the largest wholesale distributors of services to support the sale of life-related insurance and annuity products, and Crump's property and casualty operations provide wholesale brokerage and specialty programs to the commercial P&C insurance industry.

The operations will become part of BB&T Insurance, and are expected to add about $300 million in annual revenue to that unit.

BB&T, based in Winston, N.C., said it expects to record about $570 million of intangibles as a result of the acquisition.

The transaction is subject to regulatory approval, and is expected to close in the current quarter.

BB&T said the deal will diversify fee revenue in its insurance unit.

"This is an opportunity for BB&T to become a significant and strategic player in the high-growth, high-margin life insurance distribution business, and expand our property and casualty business," said Wade Reece, chairman and CEO of BB&T Insurance.

John Howard, president and CEO of Crump Group, will join BB&T Insurance in a senior leadership position reporting to Reece.

The Ascensus unit, which is not part of the deal, has operated largely independently of the rest of Crump Group, focusing on recordkeeping and support services to company-sponsored retirement plans.

BB&T Insurance Services operates 118 retail insurance agencies across the U.S. Its parent company operates about 1,800 banks in 12 states and Washington D.C.

Shares of BB&T rose 28 cents, or 1 percent, to $28.30 in premarket trading. Its shares are up from a 52-week low of $18.92 reached in August. The stock traded as high as $29.60 last February.