This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

NBT Bancorp Inc. Successfully Closes Merger With Alliance Financial Corporation

Stocks in this article: NBTB

NORWICH, N.Y., March 8, 2013 (GLOBE NEWSWIRE) -- NBT Bancorp Inc. (NBT) (Nasdaq:NBTB) announced today the successful closing of its previously announced merger with Alliance Financial Corporation (Alliance) (Nasdaq:ALNC). Under the terms of the agreement, 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.

Under the terms of the merger agreement, 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 10,346,911 million 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 $1.4 billion in assets, including $920 million in net loans held for investment, and $1.1 billion in deposits. At December 31, 2012, NBT had assets of $6.0 billion.

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.

CONTACT: Martin Dietrich
         President and CEO
         607.337.6119
         
         Michael J. Chewens
         Chief Financial Officer
         607.337.6520

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,340.97 -75.88 -0.44%
S&P 500 2,013.34 -7.91 -0.39%
NASDAQ 4,678.4870 -4.92 -0.11%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs