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KNBT Bancorp to buy benefits group.
By Kurt Blumenau, The Morning Call, Allentown, Pa. Knight Ridder/Tribune Business News
Mar. 1--The parent company of Keystone Nazareth Bank & Trust will pay $28 million to buy Caruso Benefits Group Inc. of Bethlehem, expanding the bank's insurance offerings.
KNBT Bancorp of Hanover Township, Northampton County, will keep Caruso Benefits as an independent subsidiary. Michael Caruso, who founded the company in 1971, will stay on as president.
Caruso Benefits helps companies set up and run their employee health care plans, serving as a liaison between companies and health care insurers. The company has 2,000 clients in the greater Lehigh Valley, from single-person businesses to companies with more than 1,000 workers. KNBT is a client, Caruso said. It employs eight full-time workers.
KNBT President Scott Fainor said the deal deepens his bank's financial services offerings.
Fainor said it is not uncommon for banks to buy companies such as Caruso Benefits. Banks of all sizes have added investment and insurance services in recent years, taking advantage of the deregulation of the financial industry. Those products make banks more attractive to customers, while also serving as a source of non-interest income.
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