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KNBT Completes Caruso Deal

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NU Online News Service, April 5, 2005, 5:50 p.m. EDT

A Bethlehem, Pa., bank holding company has completed the previously announced acquisition of a Bethlehem, Pa., benefits brokerage firm.[@@]

The company, KNBT Bancorp Inc., has paid $20 million up front for the brokerage firm, Caruso Benefits Group Inc.

The firm will become a subsidiary of KNBT, and the previous owner, Michael Caruso, will serve as the subsidiary’s president. If Caruso Benefits does well over the next 3 years, Michael Caruso could get up to $8 million in additional payments, KNBT says.

Caruso Benefits, founded in 1971, sells group medical, group life and group disability.

WFG Capital Advisors L.P., Harrisburg, was Caruso Benefits’ advisor.