The insurance subsidiary of BNC National Bank said Tuesday that it had bought T.M. Richards & Associates, a Phoenix agency specializing in employee benefits, for about $2 million.
Tom Richards, a principal of T.M. Richards & Associates, is to be executive vice president-employee benefits at BNC Insurance Services Inc., according to Richard W. Milne Jr., the president of BNC Insurance. The insurance company is a subsidiary of BNC National Bank and its parent, BNCCORP Inc., a Bismarck, N.D., bank holding company that has 27 offices in North Dakota, Minnesota, Arizona, Utah, and Colorado.
"The addition is a continuation of our strategy for continued growth in the Arizona market," Mr. Milne said in a press release.
BNCCORP said it paid $1.5 million in cash for the Richards agency and the rest in common stock; the deal closed last Wednesday. The company reported $725.8 million of assets at March 31.
