NBT Bancorp merges with Evans in $236M transaction

NBT Bancorp (NBTB) and Evans Bancorp (EVBN) 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. …The combined organization will have the highest deposit market share in Upstate New York for any bank with assets under $100B and will result in a network of over 170 locations from Buffalo, NY to Portland, ME. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236M based on NBT’s closing stock price of $46.28 on September 6 . The merger was unanimously approved by the Boards of Directors of both companies.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.