BSB Bancorp, Inc. Declares Quarterly Cash Dividend.

Business Editors

BINGHAMTON, N.Y.--(BUSINESS WIRE)--July 31, 2000

The Board of Directors of BSB Bancorp, Inc. (NASDAQ:BSBN), holding company for BSB Bank & Trust, has declared a quarterly cash dividend of $0.25 per share. The dividend is payable September 8, 2000 to shareholders of record at the close of business on August 21, 2000.

BSB Bancorp, Inc. entered into an Agreement and Plan of Merger on April 20, 2000 and amended as of May 17, 2000 with NBT Bancorp, Inc., a Delaware corporation, which provides for the merger of NBT and BSB in a tax-free, stock-for-stock exchange. Pursuant to the agreement, BSB Bank & Trust, a wholly owned subsidiary of BSB will also merge with NBT Bank, National Association, a wholly owned subsidiary of NBT. The merger is subject to certain conditions, including the approval by the BSB and NBT shareholders and the receipt of the required regulatory approvals. The parties anticipate closing the transaction in the fourth quarter of 2000.

Forward-Looking Information

This news release contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the projections discussed in this release since such projections involve significant risks and uncertainties. Factors that might cause such differences include, but are not limited to: the timing of closing the proposed merger being delayed; competitive pressures among financial institutions increasing significantly; economic conditions, either nationally or locally in areas which NBT and BSB conduct their operations, being less favorable than expected; expected cost savings from the proposed merger not being fully realized or realized within the expected time frame; and legislation or regulatory changes which adversely affect the ability of the combined company to conduct its current or future operations. NBT and BSB disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

This document does not constitute an offer of any securities for sale. Before making any decision with respect to the proposed merger, NBT and BSB stockholders will be provided with a joint proxy statements/prospectus which will be included in the registration statement to be filed with the Securities and Exchange Commission by NBT. All such stockholders should read that registration statement, including the proxy statement, before making any investment decision.