NBT Bancorp Inc. Receives Regulatory Approval for Acquisition of Evans Bancorp Inc.

On December 20, 2024, NBT Bancorp Inc. (NASDAQ: NBTB) announced that it has successfully obtained the necessary regulatory approvals to move forward with its planned acquisition of Evans Bancorp, Inc. The approval for the merger came from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York. Additionally, during a special shareholder meeting held on the same day, the shareholders of Evans voted in favor of the merger, with over 96% of the votes cast indicating approval.

The acquisition involves the merger of Evans Bancorp, Inc. with and into NBT Bancorp Inc. and Evans Bank, N.A. with and into NBT Bank, N.A. The merger is expected to be completed in the second quarter of 2025, subject to customary closing conditions. The integration process is set to commence alongside the system conversion.

Representatives from both NBT and Evans expressed enthusiasm for the merger. NBT’s President and CEO, Scott A. Kingsley, highlighted the collaboration that has taken place between the two teams to ensure a smooth transition post-merger. He emphasized the potential for building on Evans’ established relationships in extending NBT’s presence into the Buffalo and Rochester markets in Upstate New York.

David J. Nasca, President and CEO of Evans, also expressed appreciation for the positive endorsement received from Evans shareholders and affirmed that the union with NBT would be beneficial for customers, communities, and shareholders. The merger signifies a strategic partnership between the two entities, bringing together two reputable banking institutions.

The Agreement and Plan of Merger was signed on September 9, 2024, with the merger being an all-stock transaction. It aims to combine the strengths of both entities, extending NBT’s reach into Western New York. NBT Bancorp Inc. is a financial holding company with headquarters in Norwich, NY, while Evans Bancorp, Inc. is headquartered in Williamsville, NY. The merger is expected to enhance the suite of financial products and services available to customers of both institutions.

The press release detailing the regulatory approvals and shareholder approval for the merger has been attached to NBT Bancorp Inc.’s current report on Form 8-K as Exhibit 99.1. This forward-moving partnership between NBT and Evans marks a significant strategic step for both companies.

The information contained in this report is forward-looking and is subject to various risks and uncertainties as outlined in the Private Securities Litigation Reform Act of 1995. Each forward-looking statement is based on certain factors that could cause actual results to differ from the anticipated outcomes.

The article is based on the Form 8-K filed with the Securities and Exchange Commission by NBT Bancorp Inc. regarding the acquisition of Evans Bancorp Inc. and is provided for informational purposes only.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read NBT Bancorp’s 8K filing here.

About NBT Bancorp

NBT Bancorp Inc, a financial holding company, provides commercial banking, retail banking, and wealth management services. Its deposit products include demand deposit, savings, negotiable order of withdrawal, money market deposit, and certificate of deposit accounts. The company's loan portfolio comprises indirect and direct consumer, home equity, mortgages, business banking loans, and commercial loans; commercial and industrial, commercial real estate, agricultural, and commercial construction loans; and residential real estate loans.