NBT Bancorp in Norwich, N.Y., has agreed to buy an insurance agency.
The $11.7 billion-asset company said in a press release that NBT Insurance Agency agreed to buy Harrison A. Rogers Agency. The price wasn’t disclosed.
The deal is expected to close in the third quarter.
H.A. Rogers is a small personal and commercial lines property and casualty insurance agency.
NBT said the deal was a strategic purchase that will allow it to offer more insurance products in northern New York where its bank already operates.
Separately, NBT said it will be subject to a cap on interchange fees starting in the third quarter, which reflects the bank crossing over $10 billion of assets. The cap will reduce NBT’s quarterly interchange income by about $3.7 million.