BNC Insurance Services Acquires T.M. Richards & Associates

Phoenix-based BNC Insurance Services Inc., a subsidiary of BNC National Bank and its parent company, BNCCORP Inc. has acquired the assets of T.M. Richards & Associates. The total consideration paid in the acquisition was valued at approximately $2 million, of which approximately $1.5 million was paid in cash and the remainder of which was paid in shares of BNCCORP Inc. common stock. The transaction was effective May 31, 2006.

Tom Richards and T.M. Richards & Associates are providers in the employee benefits field of insurance agencies. Richards has been a producer for more than 20 years. He will serve BNC Insurance Services Inc. as its executive vice president of employee benefits.

BNC Insurance Services Inc., a subsidiary of BNC National Bank and its parent company BNCCORP Inc., offers a range of insurance products and services, as well as risk management and employee benefit administration. Web site: http://www.milnebnc.com/ and http://www.bncbank.com/.

Source: BNC Insurance Services Inc.

Topics Mergers & Acquisitions Employee Benefits