NBT Bancorp Inc. and Evans Bancorp, Inc. Announce Strategic Partnership
NBT Bancorp Inc. (NASDAQ: NBTB) and Evans Bancorp, Inc. (NYSE American: EVBN) have announced a strategic merger, with Evans merging into NBT. The deal, valued at approximately $236 million, will expand NBT's presence into Western New York, including Buffalo and Rochester markets. Key points:
- Exchange ratio: 0.91 NBT shares for each Evans share
- Combined organization will have the highest deposit market share in Upstate New York for banks under $100 billion in assets
- Network of over 170 locations from Buffalo, NY to Portland, ME
- Evans CEO David J. Nasca will join NBT's Board of Directors
- Merger expected to close in Q2 2025, subject to shareholder and regulatory approvals
This partnership aims to bring enhanced financial products and services to the region while maintaining a strong community banking focus.
NBT Bancorp Inc. (NASDAQ: NBTB) e Evans Bancorp, Inc. (NYSE American: EVBN) hanno annunciato una fusione strategica, con Evans che si unirà a NBT. L'affare, valutato a circa $236 milioni, espanderà la presenza di NBT nel Western New York, inclusi i mercati di Buffalo e Rochester. Punti chiave:
- Rapporto di scambio: 0,91 azioni NBT per ogni azione Evans
- L'organizzazione combinata avrà la più alta quota di mercato dei depositi nello Stato di New York per le banche con meno di 100 miliardi di dollari in attività
- Rete di oltre 170 sedi da Buffalo, NY a Portland, ME
- L'Amministratore Delegato di Evans, David J. Nasca, entrerà a far parte del Consiglio di Amministrazione di NBT
- Si prevede che la fusione si concluda nel secondo trimestre del 2025, soggetta ad approvazioni da parte degli azionisti e delle autorità di regolamentazione
Questa partnership mira a portare prodotti e servizi finanziari migliorati nella regione, mantenendo un forte focus sul banking comunitario.
NBT Bancorp Inc. (NASDAQ: NBTB) y Evans Bancorp, Inc. (NYSE American: EVBN) han anunciado una fusión estratégica, con Evans fusionándose en NBT. El acuerdo, valorado en aproximadamente $236 millones, expandirá la presencia de NBT en el oeste de Nueva York, incluidos los mercados de Buffalo y Rochester. Puntos clave:
- Relación de intercambio: 0.91 acciones de NBT por cada acción de Evans
- La organización combinada tendrá la mayor cuota de mercado de depósitos en el norte del estado de Nueva York para bancos con menos de 100 mil millones de dólares en activos
- Red de más de 170 ubicaciones desde Buffalo, NY hasta Portland, ME
- El CEO de Evans, David J. Nasca, se unirá a la Junta Directiva de NBT
- Se espera que la fusión se cierre en el segundo trimestre de 2025, sujeta a aprobaciones de accionistas y regulatorias
Esta alianza tiene como objetivo ofrecer productos y servicios financieros mejorados en la región, mientras se mantiene un fuerte enfoque en la banca comunitaria.
NBT Bancorp Inc. (NASDAQ: NBTB)와 Evans Bancorp, Inc. (NYSE American: EVBN)는 전략적 합병을 발표했으며, Evans가 NBT에 합병됩니다. 이번 거래는 약 $236 백만으로 평가되며, NBT의 서부 뉴욕, 즉 버팔로와 로체스터 시장에 대한 존재감을 확대할 것입니다. 주요 사항:
- 교환 비율: Evans 주식 1주당 NBT 주식 0.91주
- 통합된 조직은 자산이 1000억 달러 미만인 은행들 중 북부 뉴욕 주에서 가장 높은 예금 시장 점유율을 가질 것입니다
- NY 주 버팔로에서 ME 주 포틀랜드까지 170개 이상의 위치 네트워크
- Evans CEO David J. Nasca가 NBT 이사회에 합류할 것입니다
- 합병은 2025년 2분기에 완료될 예정이며, 주주 및 규제 기관의 승인을 받아야 합니다
이번 파트너십은 지역 사회 은행에 대한 강력한 초점을 유지하면서 향상된 재무 상품 및 서비스를 지역에 제공하는 것을 목표로 합니다.
NBT Bancorp Inc. (NASDAQ: NBTB) et Evans Bancorp, Inc. (NYSE American: EVBN) ont annoncé une fusion stratégique, Evans fusionnant avec NBT. L'affaire, évaluée à environ $236 millions, étendra la présence de NBT dans l'ouest de New York, y compris les marchés de Buffalo et de Rochester. Points clés :
- Ratio d'échange : 0,91 actions NBT pour chaque action Evans
- L'organisation combinée aura la plus grande part de marché des dépôts dans le nord de l'État de New York pour les banques de moins de 100 milliards de dollars d'actifs
- Réseau de plus de 170 emplacements de Buffalo, NY à Portland, ME
- Le PDG d'Evans, David J. Nasca, rejoindra le Conseil d'administration de NBT
- La fusion devrait être finalisée au deuxième trimestre de 2025, sous réserve de l'approbation des actionnaires et des régulateurs
Ce partenariat vise à offrir des produits et services financiers améliorés à la région tout en maintenant une forte concentration sur la banque communautaire.
NBT Bancorp Inc. (NASDAQ: NBTB) und Evans Bancorp, Inc. (NYSE American: EVBN) haben eine strategische Fusion angekündigt, bei der Evans in NBT fusioniert wird. Der Deal, der auf etwa 236 Millionen US-Dollar geschätzt wird, wird die Präsenz von NBT im Westen von New York, einschließlich der Märkte von Buffalo und Rochester, erweitern. Wichtige Punkte:
- Umtauschverhältnis: 0,91 NBT-Aktien für jede Evans-Aktie
- Die kombinierte Organisation wird den höchsten Marktanteil an Einlagen in Upstate New York für Banken mit weniger als 100 Milliarden Dollar in Vermögenswerten haben
- Netzwerk von über 170 Standorten von Buffalo, NY bis Portland, ME
- Der CEO von Evans, David J. Nasca, wird dem Vorstand von NBT beitreten
- Die Fusion wird voraussichtlich im 2. Quartal 2025 abgeschlossen, vorbehaltlich der Genehmigungen der Aktionäre und der Regulierungsbehörden
Diese Partnerschaft zielt darauf ab, verbesserte Finanzprodukte und -dienstleistungen in die Region zu bringen, während der Fokus auf dem Gemeindebankwesen stark bleibt.
- Expansion of NBT's footprint into Western New York, including Buffalo and Rochester markets
- Acquisition will result in the highest deposit market share in Upstate New York for banks under $100 billion in assets
- Increased network to over 170 locations across seven northeastern states
- Addition of Evans' $2.26 billion in assets as of June 30, 2024
- Potential for enhanced financial products and services for customers in the combined markets
- Potential integration challenges and costs associated with merging two banking organizations
- Shareholder dilution for NBT due to stock-based acquisition
- Regulatory approval process could delay or potentially hinder the merger
Insights
This merger represents a significant strategic move for NBT Bancorp, expanding its footprint into Western New York. The deal, valued at approximately
- Exchange ratio: 0.91 NBT shares for each Evans share
- Evans' assets:
$2.26 billion as of June 30, 2024 - Combined network: Over 170 locations from Buffalo, NY to Portland, ME
This acquisition should enhance NBT's competitive position and potentially drive economies of scale. However, integration risks and costs need to be closely monitored. The deal's success will largely depend on effective synergy realization and maintaining customer relationships in the new markets.
This merger signifies a strategic consolidation in the Upstate New York banking sector. NBT's expansion into Buffalo and Rochester markets through Evans acquisition presents both opportunities and challenges:
- Market penetration: Instant access to 18 locations in Buffalo and Rochester
- Competitive advantage: Highest deposit market share in Upstate NY for sub-
$100 billion asset banks - Cultural integration: Both banks emphasize community banking values, potentially easing the transition
The success of this merger will hinge on NBT's ability to leverage Evans' local relationships while introducing its expanded product suite and technology solutions. The deal could trigger further consolidation in the region as smaller banks seek to remain competitive.
From a legal perspective, this merger presents several key considerations:
- Regulatory approval: The deal is subject to approval from various regulatory bodies, which could impact the timeline
- Shareholder approval: Evans shareholders must vote to approve the merger
- Antitrust scrutiny: Given the resulting market share, there may be increased regulatory review
- Integration compliance: Ensuring compliance with banking regulations during the merger process will be crucial
The expected closing in Q2 2025 allows time for these legal processes. The appointment of Evans' CEO to NBT's board post-merger may help with continuity and governance. Overall, while the merger appears strategically sound, navigating the regulatory landscape will be critical for its successful completion.
Merger Will Extend NBT’s Growing Footprint to Western New York, Bring Next Generation of Community Banking Into Region
NORWICH, N.Y. and WILLIAMSVILLE, N.Y., Sept. 09, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) and Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN) today announced they have entered into a definitive agreement pursuant to which Evans will merge with and into NBT. This merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York.
“We are enthusiastic about this opportunity to partner with Evans and are confident it is a high quality and incredibly impactful way to expand NBT’s presence into Western New York,” said NBT President and Chief Executive Officer Scott A. Kingsley. “Adding the greater Buffalo and Rochester communities to the markets served by NBT is a natural geographic extension of our footprint in Upstate New York where we have been very active and successful for nearly 170 years. We share strong community banking values with Evans and look forward to working with their experienced team to build on the relationships they have established with their customers, communities and shareholders.”
The combined organization will have the highest deposit market share in Upstate New York for any bank with assets under
NBT’s primary subsidiary, NBT Bank, N.A., has 154 locations in seven northeastern states. With 107 of those locations in Upstate New York, NBT’s banking franchise currently stretches west to east from Syracuse to the Capital District and north to south from Plattsburgh to Binghamton and the Hudson Valley. Evans, headquartered in Williamsville, NY had assets of
Pursuant to the merger agreement, NBT will acquire
“We are very excited to be joining the NBT family and bringing the next generation of community banking to Buffalo, Rochester and the Finger Lakes,” said David J. Nasca, Evans President and Chief Executive Officer. “We believe this strategic merger offers customers and the communities we serve access to elevated financial products and relationships with a combined organization that has consistently received recognition for delivering outstanding service while creating tremendous value for shareholders. NBT is strongly committed to upholding our relationship-focused approach and providing a significant suite of expanded products, services and capabilities, including technology-enabled solutions, delivered by the professionals our customers and markets have trusted. In NBT we have found a powerful partner that closely mirrors the culture and values that we have operated under throughout our long history.” Mr. Nasca will join the NBT Board of Directors following the merger.
The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.
Stephens Inc. served as financial advisor to NBT, and Piper Sandler & Co. served as financial advisor to Evans. Hogan Lovells US LLP served as legal counsel to NBT, Wiggin and Dana LLP served as executive compensation and employee benefits counsel to NBT, and Luse Gorman, PC served as legal counsel to Evans.
Investor Call
NBT will host a conference call at 10:00 a.m. (Eastern) on Tuesday, September 10, 2024, to discuss the combination with Evans. The audio webcast link, along with the corresponding presentation slides, will be available on NBT’s Event Calendar page at https://www.nbtbancorp.com/bn/presentations-events.html#events and will be archived for twelve months.
About NBT Bancorp Inc.
NBT Bancorp Inc. is a financial holding company headquartered in Norwich, NY, with total assets of
About Evans Bancorp, Inc.
Evans is a financial holding company headquartered in Williamsville, NY, with total assets of
Forward-Looking Statements
This communication contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements about NBT and Evans and their industry involve substantial risks and uncertainties. Statements other than statements of current or historical fact, including statements regarding NBT’s or Evans’ future financial condition, results of operations, business plans, liquidity, cash flows, projected costs, and the impact of any laws or regulations applicable to NBT or Evans, are forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “projects,” “may,” “will,” “should” and other similar expressions are intended to identify these forward-looking statements. Such statements are subject to factors that could cause actual results to differ materially from anticipated results.
Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements include, but are not limited to the following: (1) the businesses of NBT and Evans may not be combined successfully, or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (5) the shareholders of Evans may fail to approve the merger; (6) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (7) diversion of management’s attention from ongoing business operations and opportunities; (8) the possibility that the parties may be unable to achieve expected synergies and operating efficiencies in the merger within the expected timeframes or at all and to successfully integrate Evans’ operations and those of NBT; (9) such integration may be more difficult, time consuming or costly than expected; (10) revenues following the proposed transaction may be lower than expected; (11) NBT’s and Evans’ success in executing their respective business plans and strategies and managing the risks involved in the foregoing; (12) the dilution caused by NBT’s issuance of additional shares of its capital stock in connection with the proposed transaction; (13) changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; and (14) legislative and regulatory changes. Further information about these and other relevant risks and uncertainties may be found in NBT’s and Evans’ respective Annual Reports on Form 10-K for the fiscal year ended December 31, 2023 and in subsequent filings with the Securities and Exchange Commission (“SEC”).
Forward-looking statements speak only as of the date they are made. NBT and Evans do not undertake, and specifically disclaim any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements. You are cautioned not to place undue reliance on these forward-looking statements.
Additional Information and Where to Find It
In connection with the proposed transaction, NBT expects to file with the SEC a registration statement on Form S-4 that will include a proxy statement of Evans and a prospectus of NBT (the “proxy statement/prospectus”), which proxy statement/prospectus will be mailed or otherwise disseminated to Evans’ shareholders when it becomes available. NBT and Evans also plan to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS TO BE INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT NBT, EVANS AND THE PROPOSED TRANSACTION. You may obtain a free copy of the registration statement, including the proxy statement/prospectus (when it becomes available) and other relevant documents filed by NBT and Evans with the SEC, without charge, at the SEC’s website at www.sec.gov. Copies of the documents filed by NBT with the SEC will be available free of charge on NBT’s website at www.nbtbancorp.com or by directing a request to NBT Bancorp Inc., 52 South Broad Street, Norwich, NY 13815, attention: Corporate Secretary, telephone (607) 337-6141. Copies of the documents filed by Evans with the SEC will be available free of charge on Evans’ website at www.evansbancorp.com or by directing a request to Evans Bancorp, Inc., 6460 Main Street, Williamsville, NY 14221, attention: Secretary, telephone (716) 926-2000.
No Offer
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Participants in the Solicitation
NBT AND EVANS AND THEIR RESPECTIVE DIRECTORS AND EXECUTIVE OFFICERS AND OTHER MEMBERS OF MANAGEMENT AND EMPLOYEES MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES IN RESPECT OF THE PROPOSED TRANSACTION. YOU CAN FIND INFORMATION ABOUT NBT’S EXECUTIVE OFFICERS AND DIRECTORS IN NBT’S DEFINITIVE PROXY STATEMENT FILED WITH THE SEC ON APRIL 5, 2024. YOU CAN FIND INFORMATION ABOUT EVANS’ EXECUTIVE OFFICERS AND DIRECTORS IN EVANS’ DEFINITIVE PROXY STATEMENT FILED WITH THE SEC ON MARCH 25, 2024. ADDITIONAL INFORMATION REGARDING THE INTERESTS OF SUCH POTENTIAL PARTICIPANTS WILL BE INCLUDED IN THE PROXY STATEMENT/PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE. YOU MAY OBTAIN FREE COPIES OF THESE DOCUMENTS FROM NBT OR EVANS USING THE SOURCES INDICATED ABOVE.
| Contacts | NBT Bancorp Inc. | Evans Bancorp, Inc. |
| Scott A. Kingsley President and Chief Executive Officer | David J. Nasca President and Chief Executive Officer | |
| Annette L. Burns EVP and Chief Financial Officer | John B. Connerton EVP and Chief Financial Officer | |
| 607-337-6589 | 716-926-2000 | |
| Evans Investor Relations Deborah K. Pawlowski, Kei Advisors dpawlowski@keiadvisors.com 716-843-3908 |
This press release was published by a CLEAR® Verified individual.
FAQ
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