NBT Bancorp merges with Alliance Financial.
BANKING AND CREDIT NEWS-March 11, 2013-NBT Bancorp merges with Alliance Financial(C)2013 M2 COMMUNICATIONS http://www.m2.com
11 March 2013 -- NBT Bancorp Inc. (NASDAQ: NBTB) said it has successfully closed the merger with Alliance Financial Corp. (NASDAQ: ALNC).
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.
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 10,346,911m 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 USD1.4bn in assets, including USD920m in net loans held for investment, and USD1.1bn in deposits. At December 31, 2012, NBT had assets of USD6.0bn.
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.
USD 1 = 0.67028 GBP
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