NBT Bancorp Inc. announced in March the
\nsuccessful closing of its previously announced
\nmerger with Alliance Financial Corp.<\/p>\n
Under the terms of the agreement, Alliance
\nmerged with and into NBT, with NBT being the
\nsurviving corporation of the merger, according
\nto NBT officials.<\/p>\n
Additionally, Alliance Bank, N.A., a whollyowned
\nsubsidiary of Alliance, merged with and
\ninto NBT Bank, N.A., a wholly-owned subsidiary
\nof NBT, with NBT Bank continuing as the surviving
\nentity, officials said.<\/p>\n
Officials said that under the terms of the merger agreement, each outstanding share of Alliance common stock was converted into the right to receive 2.1779 shares of NBT common stock. In connection with the merger, NBT will issue approximately 10.5 million shares of its common stock in exchange for all of the outstanding shares of Alliance common stock.<\/p>\n
Officials said the merger provides NBT with the addition of $1.4 billion in assets, including $920 million in net loans held for investment, and $1.1 billion in deposits. At Dec. 31, 2012, NBT had assets of $6 billion.<\/p>\n
Alliance Bank’s 26 branches in the central New York counties of Onondaga, Cortland, Madison, Oneida and Oswego will open as NBT Bank locations on March 11, following a weekend systems conversion.<\/p>\n
The addition of the Alliance Bank offices will bring NBT Bank’s total network of banking locations to 161 in five states, including New York, Pennsylvania, Vermont, Massachusetts and New Hampshire, bank officials reported.<\/p>\n","protected":false},"excerpt":{"rendered":"
NBT Bancorp Inc. announced in March the successful closing of its previously announced merger with Alliance Financial Corp. Under the terms of the agreement, Alliance merged with and into NBT, with NBT being the surviving corporation of the merger, according…<\/p>\n","protected":false},"author":121,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-12098","post","type-post","status-publish","format-standard","hentry","category-business-reports"],"yoast_head":"\r\n