NB&T Financial Group Sells Insurance Subsidiary

Dec 31, 2009 (FinancialWire via COMTEX) -- (Comment on this article at http://www.financialwire.net/2009/12/31/nbt-financial-group-sells-insurance-subsidiary/)

December 31, 2009 (FinancialWire) -- 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.

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