NBT Bancorp Inc. has received regulatory approval for its proposed merger with Evans Bancorp, Inc. The shareholders of Evans have voted to approve the merger, with over 75% of the issued and outstanding shares represented at a special shareholder meeting, and over 96% of the votes cast in favor of the merger.
As of September 30, 2024, NBT Bancorp Inc. had total assets of $13.84 billion, while Evans Bancorp, Inc. had total assets of $2.28 billion during the same period.
The merger is expected to close in the second quarter of 2025, pending customary closing conditions. This all-stock transaction will bring together two highly respected banking companies and extend NBT’s footprint into western New York, specifically the Buffalo and Rochester markets.
NBT Bancorp Inc. primarily operates through NBT Bank, N.A., which has 155 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. Evans Bank, N.A., the primary subsidiary of Evans Bancorp, Inc., has 18 branches providing comprehensive financial services to consumer, business, and municipal customers throughout western New York.
The merger is anticipated to result in a combined organization that upholds shared culture and values, maintains a relationship-focused approach, and offers an elevated suite of financial products and services. As a result of these announcements, the company's shares have moved 1.3% on the market, and are now trading at a price of $48.88. If you want to know more, read the company's complete 8-K report here.
