NBT Bancorp Inc. Successfully Closes Merger With Alliance Financial Corporation
09 3월 2013 - 7:00AM
NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) announced today the successful
closing of its previously announced merger with Alliance Financial
Corporation (Alliance) (Nasdaq:ALNC). Under the terms of the
agreement, Alliance merged with and into NBT, with NBT being the
surviving corporation of the merger. Additionally, Alliance Bank,
N.A., a wholly-owned subsidiary of Alliance, merged with and into
NBT Bank, N.A., a wholly-owned subsidiary of NBT, with NBT Bank
continuing as the surviving entity.
Under the terms of the merger agreement, each outstanding share
of Alliance common stock was converted into the right to receive
2.1779 shares of NBT common stock. In connection with the merger,
NBT will issue approximately 10,346,911 million shares of its
common stock in exchange for all of the outstanding shares of
Alliance common stock.
The merger provides 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. At December 31, 2012, NBT had assets
of $6.0 billion.
Alliance Bank's 26 branches in the central New York counties of
Onondaga, Cortland, Madison, Oneida and Oswego will open as NBT
Bank locations on March 11, 2013, following a weekend systems
conversion. The addition of the Alliance Bank offices will bring
NBT Bank's total network of banking locations to 161 in five
states, including New York, Pennsylvania, Vermont, Massachusetts
and New Hampshire.
CONTACT: Martin Dietrich
President and CEO
607.337.6119
Michael J. Chewens
Chief Financial Officer
607.337.6520
Alliance Financial Corp. (MM) (NASDAQ:ALNC)
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