Statement from NBT Bank:
NBT Bancorp Inc. signed a definitive agreement to acquire Mang Insurance Agency on July 3, 2008.
Headquartered in Binghamton, N.Y., Mang Insurance offers all types of insurance to tens of thousands of individuals and businesses from locations in 16 upstate New York communities.
NBT Bancorp President Martin A. Dietrich commented, “NBT Bancorp and Mang Insurance share a long history of working to provide the best financial solutions to meet our customers’ needs. Mang Insurance is a well managed firm with a great group of employees and a strong customer base. We are excited to add Mang Insurance to our family of companies, as they will play an important role in our efforts to continue to diversify our revenue channels and strengthen our position as a full-service financial resource provider.”
Following the acquisition, Mang Insurance will continue to operate as an independent line of business and will retain its well-respected brand name.
Rick Mirabito, who currently serves as Mang Insurance’s president, will
become chief executive officer.