NBT Bancorp Inc. and Evans Bancorp, Inc. have announced a strategic partnership through a merger that will extend NBT’s footprint into western New York. The merger will result in the combined organization having the highest deposit market share in upstate New York for any bank with assets under $100 billion and will create a network of over 170 locations from Buffalo, NY to Portland, ME.
NBT, with its primary subsidiary NBT Bank, N.A., currently has 154 locations in seven northeastern states, with 107 of those locations in upstate New York. Evans, headquartered in Williamsville, NY, had assets of $2.26 billion as of June 30, 2024, and 18 locations in the Buffalo and Rochester markets.
The transaction value of the merger is approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT, with an exchange ratio fixed at 0.91 NBT shares for each share of Evans.
The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.
David J. Nasca, Evans' President and CEO, expressed excitement about joining the NBT family and bringing the next generation of community banking to Buffalo, Rochester, and the Finger Lakes. Nasca believes this strategic merger will offer customers and the communities they serve access to elevated financial products and relationships.
Following the merger, Nasca will join the NBT board of directors. Stephens Inc. served as financial advisor to NBT, and Piper Sandler & Co. served as financial advisor to Evans. Hogan Lovells US LLP served as legal counsel to NBT, while Wiggin and Dana LLP served as executive compensation and employee benefits counsel to NBT, and Luse Gorman, PC served as legal counsel to Evans.
NBT will host a conference call on Tuesday, September 10, 2024, at 10:00 a.m. (Eastern) to discuss the combination with Evans. More information about NBT and its divisions is available online at www.nbtbancorp.com and www.nbtbank.com. Evans, a financial holding company headquartered in Williamsville, NY, with total assets of $2.26 billion at June 30, 2024, provides comprehensive financial services to consumer, business, and municipal customers throughout western New York. More information about Evans is available online at www.evansbancorp.com and www.evansbank.com. The market has reacted to these announcements by moving the company's shares -0.7% to a price of $45.95. For the full picture, make sure to review NBT Bancorp's 8-K report.
