The Bank Slate


NBT in N.Y. buys retirement plan administrator

NBT Bancorp in Norwich, N.Y., has acquired a retirement plan administrator.

The $11.9 billion-asset company said in a press release that its EPIC Retirement Plan Services unit bought Retirement Direct in Charlotte, N.C. The price wasn’t disclosed.

Retirement Direct serves more than 500 plans and has over $2 billion of assets under management.

EPIC RPS supports over 5,000 retirement plans with more than 300,000 participants.

Separately, the company said it incurred a $4.5 million securities loss in the second quarter after it sold two subordinated debt securities.

Overall profit fell 20% from a year earlier, to $30.1 million, reflecting the securities loss and merger-related expenses.

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