NEW YORK—The Federal Reserve Bank of New York Thursday approved the application by NBT Bancorp Inc., Norwich, NY, to acquire Pioneer American Holding Company Corp., and thereby indirectly acquire its bank subsidiary, Pioneer American Bank, National Association, both of Carbondale, PA.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.

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