NBT Bancorp Inc. and Evans Bancorp, Inc. Announce Merger Agreement

Strategic Insights -

NBT Bancorp Inc. and Evans Bancorp, Inc. have entered into a definitive agreement to merge, creating a strong community banking presence in Upstate New York. The combined organization will span over 170 locations, serving markets from Buffalo, NY to Portland, ME. This strategic move will result in the highest deposit market share in Upstate New York for any bank with assets under $100 billion. The merger is expected to close in the second quarter of 2025, subject to customary closing conditions.

Key Takeaways:

  • NBT Bancorp Inc. and Evans Bancorp, Inc. have agreed to merge, with Evans becoming a subsidiary of NBT.
  • The combined organization will have a network of over 170 locations, covering seven northeastern states, including Upstate New York.
  • NBT's primary subsidiary, NBT Bank, N.A., operates 154 locations in seven northeastern states, with 107 of those locations in Upstate New York.
  • Evans Bancorp, Inc. had assets of $2.26 billion as of June 30, 2024, and 18 locations in the Buffalo and Rochester markets.
  • The exchange ratio will be 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million.
  • The merger was unanimously approved by the Boards of Directors of both companies, with Mr. David J. Nasca, Evans President and Chief Executive Officer, joining the NBT Board of Directors following the merger.
  • NBT is committed to upholding its relationship-focused approach, providing a significant suite of expanded products, services, and capabilities, including technology-enabled solutions.
  • The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions.

Statistics:

  • The combined organization will represent the highest deposit market share in Upstate New York for any bank with assets under $100 billion.
  • NBT's banking franchise currently spans across seven northeastern states, including Upstate New York, with 154 locations.
  • Evans Bancorp, Inc. had $2.26 billion in assets as of June 30, 2024.
  • The merger is valued at approximately $236 million, based on NBT's closing stock price of $46.28 on September 6, 2024.
  • NBT will acquire 100% of Evans' outstanding shares in exchange for NBT common shares.

Sources:

  • NBT Bancorp Inc. press release, dated September 6, 2024 (specific date referenced in the original material)
  • Evans Bancorp, Inc. press release, dated September 6, 2024 (specific date referenced in the original material)
  • Stephens Inc. press release, dated September 6, 2024 (specific date referenced in the original material)
  • Hogan Lovells US LLP press release, dated September 6, 2024 (specific date referenced in the original material)
  • Luse Gorman, PC press release, dated September 6, 2024 (specific date referenced in the original material)