NBT Bancorp Inc. Receives Regulatory Approval, Evans Bancorp, Inc. Shareholders Approve Merger
NBT Bancorp Inc. (NBTB) has received regulatory approval for its proposed merger with Evans Bancorp. The Office of the Comptroller of the Currency approved the merger of Evans Bank into NBT Bank, and NBT received a waiver from the Federal Reserve Bank of New York. Evans shareholders strongly supported the merger, with over 75% of shares represented at a special meeting and over 96% of votes cast in favor.
The all-stock transaction, announced on September 9, 2024, will extend NBT's footprint into the Buffalo and Rochester markets in Western New York. The merger is expected to close in the second quarter of 2025, coinciding with system conversion and subject to customary closing conditions.
NBT Bancorp Inc. (NBTB) ha ricevuto l'approvazione normativa per la sua proposta di fusione con Evans Bancorp. L'Ufficio del Comptroller of the Currency ha approvato la fusione della Evans Bank all'interno della NBT Bank, e la NBT ha ricevuto un'esenzione dalla Federal Reserve Bank di New York. Gli azionisti di Evans hanno fortemente supportato la fusione, con oltre il 75% delle azioni rappresentate in un incontro speciale e oltre il 96% dei voti espressi a favore.
La transazione completamente in azioni, annunciata il 9 settembre 2024, estenderà la presenza della NBT nei mercati di Buffalo e Rochester, nello Stato di New York occidentale. Si prevede che la fusione si concluda nel secondo trimestre del 2025, coincidente con la conversione dei sistemi e soggetta alle condizioni di chiusura consuete.
NBT Bancorp Inc. (NBTB) ha recibido la aprobación regulatoria para su propuesta de fusión con Evans Bancorp. La Oficina del Contralor de la Moneda aprobó la fusión de Evans Bank en NBT Bank, y NBT recibió una exención de la Reserva Federal de Nueva York. Los accionistas de Evans apoyaron firmemente la fusión, con más del 75% de las acciones representadas en una reunión especial y más del 96% de los votos emitidos a favor.
La transacción totalmente en acciones, anunciada el 9 de septiembre de 2024, ampliará la huella de NBT en los mercados de Buffalo y Rochester en el oeste de Nueva York. Se espera que la fusión se cierre en el segundo trimestre de 2025, coincidiendo con la conversión del sistema y sujeta a las condiciones de cierre habituales.
NBT Bancorp Inc. (NBTB)는 Evans Bancorp와의 제안된 합병에 대한 규제 승인을 받았습니다. 통화감독청(Office of the Comptroller of the Currency)은 Evans Bank를 NBT Bank에 통합하는 합병을 승인했으며, NBT는 뉴욕 연방준비은행으로부터 면제를 받았습니다. Evans의 주주들은 특별 회의에서 75% 이상의 주식이 대표되고 96% 이상의 찬성표가 제출되는 등 강력히 합병을 지지했습니다.
2024년 9월 9일 발표된 이 주식 전환 거래는 NBT의 발자취를 뉴욕 서부의 Buffalo 및 Rochester 시장으로 확장할 것입니다. 합병은 2025년 2분기에 완료될 것으로 예상되며, 시스템 전환과 관례적인 종료 조건에 따라 진행될 것입니다.
NBT Bancorp Inc. (NBTB) a reçu l'approbation réglementaire pour sa fusion proposée avec Evans Bancorp. L'Office du Comptroller of the Currency a approuvé la fusion de la Evans Bank dans la NBT Bank, et NBT a obtenu une dérogation de la Réserve fédérale de New York. Les actionnaires d'Evans ont fortement soutenu la fusion, avec plus de 75 % des actions représentées lors d'une assemblée spéciale et plus de 96 % des voix exprimées en faveur.
La transaction entièrement en actions, annoncée le 9 septembre 2024, étendra la présence de NBT sur les marchés de Buffalo et Rochester dans l'ouest de New York. La fusion devrait se conclure au deuxième trimestre de 2025, coïncidant avec la conversion des systèmes et soumise aux conditions de clôture habituelles.
NBT Bancorp Inc. (NBTB) hat die regulatorische Genehmigung für die vorgeschlagene Fusion mit Evans Bancorp erhalten. Das Office of the Comptroller of the Currency genehmigte die Fusion der Evans Bank in die NBT Bank, und NBT erhielt eine Ausnahmegenehmigung von der Federal Reserve Bank of New York. Die Aktionäre von Evans unterstützten die Fusion stark, mit über 75% der bei einer außerordentlichen Hauptversammlung vertretenen Aktien und über 96% der abgegebenen Stimmen zu Gunsten.
Die vollständig in Aktien durchgeführte Transaktion, die am 9. September 2024 angekündigt wurde, wird die Präsenz der NBT in den Märkten von Buffalo und Rochester im Westen von New York ausweiten. Es wird erwartet, dass die Fusion im zweiten Quartal 2025 abgeschlossen wird, einhergehend mit der Systemumstellung und unterliegt den üblichen Abschlussbedingungen.
- Strong shareholder approval with 96% of votes in favor
- Strategic expansion into attractive Buffalo and Rochester markets
- Regulatory approvals secured from key authorities
- None.
Insights
This merger approval represents a strategic expansion for NBT Bancorp into the lucrative Western New York markets of Buffalo and Rochester. The all-stock transaction received overwhelming shareholder support with
The regulatory approval from the Office of the Comptroller of the Currency and Federal Reserve waiver removes key hurdles for deal completion. The planned Q2 2025 closing timeline aligns with typical system conversion schedules, minimizing operational risks. This consolidation follows the broader trend of regional bank mergers aimed at achieving economies of scale and competitive advantages in an increasingly challenging banking environment.
For investors, this represents a calculated growth strategy that should enhance NBT's competitive position and potential for increased profitability through expanded market reach and operational efficiencies. The strong shareholder approval suggests the market views the deal terms as favorable, though integration execution will be key to realizing the projected benefits.
The merger approval carries particular significance given NBT's market capitalization of
The high shareholder approval rate of
NORWICH, N.Y. and WILLIAMSVILLE, N.Y., Dec. 20, 2024 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) announced that it has received regulatory approval to complete the proposed merger (the “Merger”) of Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN) with and into NBT and Evans Bank, N.A. (“Evans Bank”) with and into NBT Bank, N.A. (“NBT Bank”). The Office of the Comptroller of the Currency approved the merger of Evans Bank with and into NBT Bank, and NBT received a waiver from the Federal Reserve Bank of New York for any application with respect to the merger of Evans with and into NBT.
On December 20, 2024, the shareholders of Evans voted to approve the Merger. Evans reported over
“We are pleased that we have received the necessary regulatory approvals to proceed with the Merger and that Evans shareholders have demonstrated strong support for the partnership that will bring NBT and Evans together,” said NBT President and CEO Scott A. Kingsley. “Team members from NBT and Evans have been working closely to plan for a smooth transition in the second quarter of 2025, and we look forward to continuing to build on the relationships Evans has established with their customers, communities and shareholders as we extend NBT’s footprint in Upstate New York into the attractive Buffalo and Rochester markets.”
“These approvals are important milestones in the merger process, and we are grateful that Evans shareholders have so positively endorsed this strategic partnership,” said David J. Nasca, Evans President and Chief Executive Officer. “Joining the NBT family will benefit our customers and communities as they will continue to be served by a combined organization upholds our shared culture and values, maintains our relationship-focused approach, and offers an elevated suite of financial products and services.”
On September 9, 2024, NBT, Evans, NBT Bank and Evans Bank entered into an Agreement and Plan of Merger pursuant to which Evans will merge with and into NBT in an all-stock transaction, and immediately after, Evans Bank will merge with and into NBT Bank. This Merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York. The Merger is expected to close in the second quarter of 2025 in conjunction with the system conversion, pending customary closing conditions.
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) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (5) diversion of management’s attention from ongoing business operations and opportunities; (6) 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; (7) such integration may be more difficult, time consuming or costly than expected; (8) revenues following the proposed transaction may be lower than expected; (9) NBT’s and Evans’ success in executing their respective business plans and strategies and managing the risks involved in the foregoing; (10) the dilution caused by NBT’s issuance of additional shares of its capital stock in connection with the proposed transaction; (11) changes in general economic conditions, including changes in market interest rates and changes in monetary and fiscal policies of the federal government; and (12) 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.
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.
| 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, Alliance Advisors dpawlowski@allianceadvisors.com 716-843-3908 | ||
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FAQ
When is the NBT Bancorp (NBTB) merger with Evans Bancorp expected to close?
What percentage of Evans Bancorp shareholders approved the NBTB merger?
Which regulatory approvals has NBTB received for the Evans Bancorp merger?
What new markets will NBTB enter through the Evans Bancorp merger?
What type of transaction is the NBTB-Evans Bancorp merger?
