UPDATE 2-BB&T to buy insurance brokerage for $570 mln

* BB&T says buy doubles wholesale insurance business

* Buy to add $300 mln in annual rev to co's insurance segment

* BB&T shares up 4 pct

Feb 3 (Reuters) - BB&T Corp agreed to buy the life and property and casualty insurance division of Crump Group Inc for $570 million in cash, its fourth such deal since September as it looks to boost non-banking operations.

Core banking profits have been under pressure as new rules cut into fees banks can earn on overdraft protection and debit card transactions, and low interest rates hurt lending income.

BB&T, formerly known as Branch Banking & Trust, on Friday said the buy will double its wholesale insurance business and add $300 million to the segment's annual revenue.

Earlier in the day, Barclays Capital said in a note that BB&T will likely increase its dividend by about 35 percent and see higher loan growth in 2012, and upgraded the bank's stock to "equal weight" from "underweight".

Over the past few months, BB&T has been acquiring varied insurance arms to shore up its non-interest income, a move which has been well received by the market.

"The deal is a great strategic fit for BB&T, immediately increasing and diversifying our fee income while driving stronger revenues," Chief Executive Kelly King said.

The acquisition will position BB&T as the leading independent wholesale distributor of life insurance in the United States, it said in a statement.

"Based on initial estimates, the transaction should be modestly accretive in year one, perhaps by as much as 5 cents per share after taxes," Wunderlich Securities analyst Kevin Reynolds said in a note.

Crump, based in Roseland, New Jersey, has 23 offices around the country.

Shares of BB&T were up 4 percent at $29.02 in midday trading on the New York Stock Exchange.