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.