To focus on banking business and develop banking relationships
NB&T Insurance Group, a subsidiary of NB&T Financial Group, and its subsidiary The National Bank and Trust Company (NB&T), Wilmington, Ohio, has entered into an agreement to sell the insurance agency subsidiary of NB&T Insurance Group to brothers Michael Phillips and George Phillips IV.
Both brothers are currently long-term officers of NB&T Insurance Agency and were involved with their father’s insurance agency prior to NB&T acquiring the agency in 1998.
Under the transaction, NB&T Insurance Group will receive cash in exchange for all of the outstanding common shares of the agency. The sale is not expected to have a material impact on the operations of NB&T, but it does expect a one-time gain on the sale of the stock, currently estimated to be approximately $800,000 net of taxes.
John Limbert, president and CEO of NB&T, said: “This transaction allows our bank management group to focus 100% on the business of banking and developing banking relationships in the communities we serve. At the same time, the Phillips brothers can expand on the foundation they have built without the increasing compliance and regulatory burdens of the bank. We wish them well and look forward to working with them as clients!”
The transaction is expected to be completed in January 2010.