NBT Bancorp Acquires EPIC Advisors
NORWICH, N.Y.--(BUSINESS WIRE)--Jan. 28, 2005--NBT Bancorp Inc. announced that it has acquired privately held EPIC Advisors, Inc. effective January 21, 2005. Located in Rochester, N.Y., EPIC is a full-service 401(k) plan recordkeeping firm serving financial institutions and small and midsize companies.
NBT President Martin A. Dietrich commented, "EPIC is a growing, well-managed firm with a great group of employees and a strong customer base. We were already familiar with EPIC because they provide recordkeeping services for 401(k) plans--including our company's own plan--for which our Trust and Investment Division serves as trustee. EPIC will play an important role in diversifying our revenue channels and strengthening our position as a full-service financial resource provider."
EPIC has gained a strong national reputation as a leader in providing customized 401(k) plan programs. The company provides services for more than 700 retirement plans and over 46,000 participants in 30 states. The firm administers approximately $1.5 billion in plan assets. EPIC specializes in participant-directed plans, primarily using daily valuation recordkeeping. NBT Chairman and CEO Daryl R. Forsythe stated, "As participant-directed retirement plans continue to grow in popularity, we are excited to align ourselves with a firm that has established such an outstanding reputation for service and quality in this field."
Two former EPIC principals have been named to executive management positions with NBT. Robert F. Judd has been appointed president of EPIC, and James M. Genthner has been appointed executive vice president of EPIC. NBT officials said EPIC's well-respected brand name will remain unchanged, as will the company's location in Rochester, N.Y. No staff reductions are planned as part of the acquisition.
"We are pleased to become a part of NBT," said Judd. "Our goal has always been to provide first-class, state-of-the-art services to our customers. Joining NBT enhances our ability to meet this goal by providing us with greater resources to expand our products and services. Our customers will be the ultimate beneficiaries of this alliance."
NBT Bancorp Inc. is a financial services holding company headquartered in Norwich, N.Y. The company had assets of $4.2 billion as of December 31, 2004. The company primarily operates through two full-service community bank divisions: NBT Bank has 73 offices in upstate New York, and Pennstar Bank has 41 offices in northeastern Pennsylvania.
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SOURCE: NBT Bancorp Inc.