The company expects to complete the acquisition in the second quarter, Florence Doller, senior VP & director corporate communications at NBT Bancorp, tells CNYBJ in an email. NBT isn’t disclosing the purchase price, Doller adds.
EPIC RPS, headquartered in Rochester, is a 401(k) recordkeeping firm. ABGIL is a retirement-plan services company located in Peoria, Illinois that provides recordkeeping, administration, fiduciary investment advice, and plan-design services for employers nationwide, NBT said.
ABGIL services more than 600 clients and 40,000 plan participants.
When the acquisition closes, about 70 employees from ABGIL will join NBT’s EPIC RPS business unit, per Doller’s email message.
“Continuing the growth of our well-established retirement-services business with the acquisition of ABGIL by EPIC RPS will enable us to build on our mission of helping America retire,” Timothy L. Brenner, executive VP at NBT Bancorp, said in a statement. “Through organic growth and acquisitions, we have built a retirement-plan services line of business with nationwide reach. The addition of ABGIL will strengthen our presence in the Midwest and bring the number of plan participants we support to 250,000.”
Founded in 1993 and headquartered in Rochester, EPIC RPS has a client base that spans all 50 states and supports more than 4,000 retirement plans with over 200,000 plan participants and $15 billion in retirement assets.
EPIC RPS provides retirement-plan recordkeeping, marketing and service products for banks, trust companies, third-party administrators, investment advisors, and other financial intermediaries who serve the retirement-plan market.
NBT acquired EPIC RPS in 2005 and has grown its retirement-plan services business organically, and in recent years, through acquisitions. They’ve included Retirement Plan Services, Inc. of St. Louis, Missouri in 2018; Downeast Pension Services, Inc. of New Gloucester, Maine in 2017; Actuarial Designs & Solutions, Inc. of Scarborough, Maine in 2016; and Third Party Administrators, Inc. of Bedford, New Hampshire in 2015.
About NBT Bancorp
Norwich–based NBT is a financial holding company with total assets of $9.7 billion as of Dec. 31, 2019. The company primarily operates through NBT Bank, N.A., and through two financial services companies that include EPIC RPS and NBT Insurance Agency, LLC.
Contact Reinhardt at ereinhardt@cnybj.com