NORWICH, N.Y. and SYRACUSE, N.Y., March
7, 2013 /PRNewswire/ -- NBT Bancorp Inc. (NBT)
(NasdaqGS: NBTB) and Alliance Financial Corporation (Alliance)
(NasdaqGS: ALNC) announced today that both companies received
approval from stockholders at special meetings conducted this week
to complete their merger. Pursuant to the Agreement and Plan of
Merger by and between NBT and Alliance, dated October 7, 2012, Alliance will merge with and
into NBT. Additionally, Alliance Bank, N.A., a wholly-owned
subsidiary of Alliance, will merge with and into NBT's wholly-owned
subsidiary, NBT Bank, N.A.
The merger of Alliance into NBT is expected to be completed at
the close of business on March 8,
2013, and will provide 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.
Following a weekend systems conversion, Alliance Bank branches will
open as NBT Bank offices on March 11,
2013. NBT and Alliance have worked together to minimize the
impact of this transition to customers, who will retain their
account numbers following the conversion and be able to use their
current checks and debit cards. Direct deposits will also continue
without interruption.
Alliance Bank's 26 branches are located in a five-county area in
central New York—including the counties of Onondaga, Cortland, Madison, Oneida and Oswego—that is contiguous to NBT
Bank's existing footprint in upstate New
York. With the merger, NBT Bank's branch network will grow
to a total of 161 locations in five states, including New York, Pennsylvania, Vermont, Massachusetts and New Hampshire.
"We are excited to bring together our two community-minded
upstate New York banks," said NBT
President and CEO Martin Dietrich.
"We share a commitment to our customers and to banking fundamentals
that will create an even stronger local banking resource to benefit
the markets we serve and create long-term value for our
stockholders."
Alliance Chairman, President and CEO Jack H. Webb added, "This merger offers
continuity for our customers, as they will continue to receive
high-quality service from a bank that puts customers first. At the
same time, they will gain access to an expanded branch network and
to the enhanced lending and product capabilities of a larger
banking organization."
Webb will become a member of NBT's Executive Management Team
following the merger, serving as Executive Vice President,
Strategic Support. In addition, Webb will join the NBT Board of
Directors along with two current Alliance directors who will be
named later this month.
Alliance Senior Vice President and Commercial Banking Group
Manager Richard J. Shirtz will lead
NBT's efforts in the greater Syracuse area, serving as Regional President
following the merger. In this role, Shirtz will have responsibility
for NBT Bank's commercial banking business and geographic oversight
of all other area business units. "I look forward to the
opportunity to guide NBT Bank's efforts in greater Syracuse to deliver the responsive community
banking that has been integral to the success of both
organizations," said Shirtz.
NBT is headquartered in Norwich,
N.Y. and had assets of $6.0
billion as of December 31,
2012. Alliance is headquartered in Syracuse, N.Y. and had assets of $1.4 billion as of December 31, 2012.
Contacts:
|
NBT
Bancorp Inc.
|
Alliance
Financial Corporation
|
|
Martin
Dietrich
|
Jack H.
Webb
|
|
President
and CEO
|
President
and CEO
|
|
607.337.6119
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315.475.6703
|
|
|
|
|
Michael J.
Chewens
|
J. Daniel
Mohr
|
|
Chief
Financial Officer
|
Chief
Financial Officer
|
|
607.337.6520
|
315.475.4478
|
SOURCE Alliance Financial Corporation