NB&T Financial Group, Inc. announces sale of insurance subsidiary
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WILMINGTON - NB&T Insurance Group, Inc., a subsidiary
of NB&T Financial Group, Inc. (Nasdaq: NBTF) 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 D. Phillips and George R. Phillips, IV. Both currently
are long-term officers of NB&T Insurance Agency, Inc., and were involved
with their father's insurance agency prior to NB&T acquiring the agency in
1998. This transaction, in which NB&T Insurance Group will receive cash in
exchange for all of the outstanding common shares of the agency, is not
expected to have a material impact on the operations of NB&T, but NB&T does
expect to recognize a one-time gain on the sale of the stock of the agency
when the transaction closes, currently estimated to be approximately
$800,000 net of taxes. The transaction is expected to be completed in
January 2010.
John J. Limbert, President and CEO of NB&T stated, "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!"
NB&T Financial Group, Inc. is the holding company for NB&T, which is a full
service financial institution offering deposit, loan, investment and
insurance products for personal and business needs. NB&T was originally
founded in 1872 and remained true to its community banking philosophy and
local presence since. NB&T prides itself on delivering unparalleled
customer service and guidance to customers that meets their individual life
stage goals.[[In-content Ad]]
of NB&T Financial Group, Inc. (Nasdaq: NBTF) 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 D. Phillips and George R. Phillips, IV. Both currently
are long-term officers of NB&T Insurance Agency, Inc., and were involved
with their father's insurance agency prior to NB&T acquiring the agency in
1998. This transaction, in which NB&T Insurance Group will receive cash in
exchange for all of the outstanding common shares of the agency, is not
expected to have a material impact on the operations of NB&T, but NB&T does
expect to recognize a one-time gain on the sale of the stock of the agency
when the transaction closes, currently estimated to be approximately
$800,000 net of taxes. The transaction is expected to be completed in
January 2010.
John J. Limbert, President and CEO of NB&T stated, "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!"
NB&T Financial Group, Inc. is the holding company for NB&T, which is a full
service financial institution offering deposit, loan, investment and
insurance products for personal and business needs. NB&T was originally
founded in 1872 and remained true to its community banking philosophy and
local presence since. NB&T prides itself on delivering unparalleled
customer service and guidance to customers that meets their individual life
stage goals.[[In-content Ad]]