NBT Bancorp and Evans Bancorp: A New Era in Community Banking
NBT Bancorp and Evans Bancorp Unite for Success
In a significant move aimed at enhancing their influence in the banking sector, NBT Bancorp Inc. (NASDAQ: NBTB) and Evans Bancorp, Inc. have announced a strategic merger. This union marks the beginning of a new chapter for both entities as they strive to create a formidable presence in Western New York’s financial landscape.
Benefits of the Merger
The merger benefits both banks by merging their strengths and resources. NBT Bancorp’s existing customer base can expect to see an expansion of services and products, while Evans Bancorp’s clientele will gain access to a broader range of financial solutions.
Strategic Growth and Market Share
Combining these two banking giants will position the new organization as a leader in deposit market share among banks with less than $100 billion in assets in Upstate New York. With over 170 locations stretching from Buffalo, NY to Portland, ME, this merger is set to create a significant footprint.
Leadership Insights
Scott A. Kingsley, the President and Chief Executive Officer of NBT, expressed excitement about the merger, saying, “This partnership with Evans allows us to extend our footprint into Western New York, aligning with our strategy of building on strong community relationships.” He emphasized the shared values between both organizations, particularly their commitment to community banking.
Financial Details
According to the agreement, NBT Bancorp will acquire 100% of Evans Bancorp’s outstanding shares. The exchange ratio is fixed at 0.91 shares of NBT for each share of Evans, bringing the total transaction value to around $236 million, based on recent stock prices. This deal has received unanimous approval from both companies' boards, ensuring a smooth progression towards completion.
Future Outlook
The completion of this merger is anticipated in the second quarter of 2025, pending regulatory approval and the approval of Evans’ shareholders. David J. Nasca, the President and CEO of Evans, will join the NBT Board of Directors post-merger, reflecting the commitment to integration and collaboration moving forward.
Quality and Customer Focus
Both banks have established reputations for exemplary service, and this merger is expected to elevate the level of service offered. The strategic merger aims to enhance operational efficiencies and product offerings, bringing more innovative solutions to customers.
About Both Companies
NBT Bancorp Inc., headquartered in Norwich, oversees numerous financial services with significant assets at approximately $13.50 billion as of the last quarter. NBT primarily operates through its subsidiary, NBT Bank, which has a total of 154 locations across several northeastern states.
In contrast, Evans Bancorp, based in Williamsville, has an asset base of $2.26 billion and 18 branches that serve the Buffalo and Rochester regions. This merger represents a fantastic opportunity for growth as both entities work towards a shared vision of exceptional service.
Frequently Asked Questions
What prompted the merger between NBT Bancorp and Evans Bancorp?
The merger is aimed at expanding market reach and enhancing service offerings to better serve customers in Western New York.
When is the merger expected to be finalized?
The merger is anticipated to close in the second quarter of 2025, pending regulatory approval and shareholder consent.
How will customers benefit from this merger?
Customers will gain access to a wider array of financial products and services, along with increased convenience through the expanded branch network.
Who will lead the merged organization?
Scott A. Kingsley will remain the CEO of the combined organization, with David J. Nasca joining the board to ensure continuity in leadership.
What will happen to the Evans Bancorp branches?
The branches will remain operational and will benefit from expanded services provided by NBT, enhancing customer experience.
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