KNBT Bancorp Inc. of Bethlehem, Pa., announced Tuesday that it is acquiring Paragon Group Inc. of Allentown, Pa., which owns Trust Co. of Lehigh Valley.
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Trust Co., a nondepository bank, provides estate, personal trust, and investment services and has about $400 million of assets under management. Trust Co. is to be merged into KNBT's Keystone Nazareth Bank and Trust Co. G. Allen Weiss, who co-founded Trust Co. a decade ago, would become the president of the buyer's newly created wealth management group.
