January 4, 2010 (FinancialWire) — NB&T Insurance Group, Inc., a subsidiary of NB&T Financial Group, Inc. (NASDAQ: NBTF) and its subsidiary The National Bank and Trust Co., Wilmington, Ohio, has entered into an agreement to sell the insurance agency subsidiary of NB&T Insurance Group to brothers Michael D. Phillips and George R. Phillips, IV.

Both men are currently long-term officers of NB&T Insurance Agency, Inc., and were involved with their father’s insurance agency prior to NB&T acquiring the agency in 1998.

The transaction, in which NB&T Insurance Group will receive cash in exchange for all of the outstanding common shares of the agency, is not expected by NB&T to have a material impact on the operations of NB&T, but NB&T does expect to recognize a one-time gain on the sale of the stock of the agency when the transaction closes, currently estimated to be approximately $800,000 net of taxes.

The transaction is scheduled to be completed in January 2010.

Ohio-based NB&T Financial Group is the holding company for NB&T, which is a full service financial institution offering deposit, loan, investment and insurance products for personal and business needs.

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