KNBT Bancorp Inc., the holding company for Keystone Nazareth Bank and Trust Co., announced Monday a $28 million agreement to buy Caruso Benefits Group Inc., a benefits management company in Bethlehem, Pa.
Caruso Benefits specializes in group medical, life, and disability management.
By terms of the definitive agreement, KNBT is to buy all the capital stock of Caruso Benefits for $28 million of cash, $20 million of which is payable at closing with $8 million to be paid within three years, subject to the achievement of profitability goals. The deal is expected to close in the second quarter.
It is expected to be accretive to KNBT's earnings this year. After the purchase closes the company is to operate as Caruso Benefits Group, a subsidiary of the banking company.
Keystone Nazareth Bank and Trust is a Pennsylvania-chartered savings bank in Bethlehem, with 41 branch offices in Lehigh, Northampton, Carbon, and Monroe counties.
