Alliance Bank, N.A. Notifies Employees Of Expected Elimination Of Certain Positions Pending Merger With NBT Bank
SYRACUSE, N.Y., Dec. 7, 2012 /PRNewswire/ -- Alliance Bank, N.A., the primary subsidiary of Alliance Financial Corporation ( NasdaqGS:ALNC), advised employees at its headquarters in Syracuse and at its operations center in Oneida of the anticipated elimination of certain positions that will be made duplicative upon Alliance's expected merger with NBT Bank, scheduled for March 2013, pending regulatory and shareholder approvals. On October 8, 2012, NBT Bancorp Inc. and Alliance announced that they entered into a definitive agreement under which Alliance will merge with and into NBT. Alliance expects that 42 positions at its headquarters and 56 in its operations center will be eliminated at the time of closing.
"This will be the elimination of duplicate positions, which is typical any time two organizations merge," said Colleen K. Lefeve, Senior Vice President, Human Resources for Alliance Bank. "NBT and Alliance are making every effort to minimize the impact of the elimination of these positions, including holding open other positions that could potentially be filled by displaced employees."
While duplicate positions will be eliminated in Syracuse and Oneida, Alliance President and Chief Executive Officer Jack H. Webb said, "We will maintain a significant and visible presence in both cities post-merger, and anticipate that no branches will be closed and no customer-service personnel in any of Alliance Bank's lines of business will be affected by these planned eliminations."
Additional Information for StockholdersNBT filed a registration statement on Form S-4 containing a joint proxy statement/prospectus and other documents regarding the proposed transaction with the Securities and Exchange Commission ("SEC") on November 20, 2012. NBT and Alliance stockholders and investors are urged to read the joint proxy statement/prospectus when it becomes available, because it will contain important information about NBT and Alliance and the proposed transaction. When available, copies of this joint proxy statement/prospectus will be mailed to stockholders. Copies of the joint proxy statement/prospectus also may be obtained free of charge at the SEC's website at http://www.sec.gov, or by directing a request to NBT Bancorp Inc., Attention – Shareholder Relations Department, 20 Mohawk Street, Canajoharie, New York 13317 or on its website at www.nbtbancorp.com, or to Alliance Financial Corporation, Attention – J. Daniel Mohr, 120 Madison Street, 18th Floor, Syracuse, New York 13202 or on its website at www.alliancefinancialcorporation.com. Copies of other documents filed by NBT or Alliance with the SEC may also be obtained free of charge at the SEC's website or by directing a request to NBT or Alliance at the address provided above. NBT and Alliance and certain of their directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of NBT and Alliance in connection with the proposed merger. Information about the directors and executive officers of NBT is set forth in the proxy statement, dated March 30, 2012, for NBT's 2012 annual meeting of stockholders, as filed with the SEC on Schedule 14A. Information about the directors and executive officers of Alliance is set forth in the proxy statement, dated April 6, 2012, for Alliance's 2012 annual meeting of stockholders, as filed with the SEC on Schedule 14A. Additional information regarding the interests of such participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus included in the Form S-4 when it becomes available. This press release does not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV