NBT Bancorp and Alliance Financial Receive Stockholder Approvals, Prepare to
NORWICH, N.Y. and SYRACUSE, N.Y., March 7, 2013 (GLOBE NEWSWIRE) -- 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
Michael J. Chewens J. Daniel Mohr
Chief Financial Officer Chief Financial Officer
Press spacebar to pause and continue. Press esc to stop.