NBT Bancorp and Alliance Financial Receive Stockholder Approvals, Prepare to Close Merger
08 3월 2013 - 5:30AM
NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) and Alliance Financial
Corporation (Alliance) (Nasdaq:ALNC) announced today that both
companies received approval from stockholders at special meetings
conducted this week to complete their merger. Pursuant to the
Agreement and Plan of Merger by and between NBT and Alliance, dated
October 7, 2012, Alliance will merge with and into NBT.
Additionally, Alliance Bank, N.A., a wholly-owned subsidiary of
Alliance, will merge with and into NBT's wholly-owned subsidiary,
NBT Bank, N.A.
The merger of Alliance into NBT is expected to be completed at
the close of business on March 8, 2013, and will provide 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.
Following a weekend systems conversion, Alliance Bank branches will
open as NBT Bank offices on March 11, 2013. NBT and Alliance have
worked together to minimize the impact of this transition to
customers, who will retain their account numbers following the
conversion and be able to use their current checks and debit cards.
Direct deposits will also continue without interruption.
Alliance Bank's 26 branches are located in a five-county area in
central New York—including the counties of Onondaga, Cortland,
Madison, Oneida and Oswego—that is contiguous to NBT Bank's
existing footprint in upstate New York. With the merger, NBT Bank's
branch network will grow to a total of 161 locations in five
states, including New York, Pennsylvania, Vermont, Massachusetts
and New Hampshire.
"We are excited to bring together our two community-minded
upstate New York banks," said NBT President and CEO Martin
Dietrich. "We share a commitment to our customers and to banking
fundamentals that will create an even stronger local banking
resource to benefit the markets we serve and create long-term value
for our stockholders."
Alliance Chairman, President and CEO Jack H. Webb added, "This
merger offers continuity for our customers, as they will continue
to receive high-quality service from a bank that puts customers
first. At the same time, they will gain access to an expanded
branch network and to the enhanced lending and product capabilities
of a larger banking organization."
Webb will become a member of NBT's Executive Management Team
following the merger, serving as Executive Vice President,
Strategic Support. In addition, Webb will join the NBT Board of
Directors along with two current Alliance directors who will be
named later this month.
Alliance Senior Vice President and Commercial Banking Group
Manager Richard J. Shirtz will lead NBT's efforts in the greater
Syracuse area, serving as Regional President following the merger.
In this role, Shirtz will have responsibility for NBT Bank's
commercial banking business and geographic oversight of all other
area business units. "I look forward to the opportunity to guide
NBT Bank's efforts in greater Syracuse to deliver the responsive
community banking that has been integral to the success of both
organizations," said Shirtz.
NBT is headquartered in Norwich, N.Y. and had assets of $6.0
billion as of December 31, 2012. Alliance is headquartered in
Syracuse, N.Y. and had assets of $1.4 billion as of December 31,
2012.
Contacts: |
NBT Bancorp Inc. |
Alliance Financial Corporation |
|
Martin Dietrich |
Jack H. Webb |
|
President and CEO |
President and CEO |
|
607.337.6119 |
315.475.6703 |
|
|
|
|
|
Michael J. Chewens |
J. Daniel Mohr |
|
Chief Financial Officer |
Chief Financial Officer |
|
607.337.6520 |
315.475.4478 |
Alliance Financial Corp. (MM) (NASDAQ:ALNC)
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Alliance Financial Corp. (MM) (NASDAQ:ALNC)
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