NBT Bank Expands to Rochester with $236M Merger
Deal News | Apr 07, 2025 | EIN
NBT Bank is entering the Rochester, New York market through the opening of a branch in Webster, marking its first foray into Western New York. This serves as a precursor to its imminent $236 million merger with Evans Bank, expected to complete in early May. The bank's expansion strategy in this region involves the integration of 18 additional branches. The merger, announced in September and approved by regulatory bodies, will result in a combined entity with assets totaling approximately $16 billion, significantly expanding NBT's market influence. Post-merger, Evans branches will transition into NBT locations, further strengthening NBT’s presence with a robust advertising campaign and seamless service integration for customers. NBT Bancorp, listed on Nasdaq, is known for their customer-centric approach, leveraging larger bank resources while maintaining a community-focused service model.
Sectors
- Banking
- Financial Services
- Mergers & Acquisitions
Geography
- United States – The article centers on the activities and expansion of NBT Bank and Evans Bank within the U.S., specifically in New York.
- New York – Specific focus on New York State, where the merger will fortify NBT’s presence, especially in the Rochester and Buffalo regions.
Industry
- Banking – The article discusses mergers and expansion strategies within financial institutions, specifically focusing on the banking services offered by NBT and Evans Bank.
- Financial Services – Relates to the broader financial services sector, as it involves aspects such as retail banking, commercial banking, and small business banking services that NBT and Evans provide.
- Mergers & Acquisitions – Central to the article is the $236 million merger deal between NBT Bank and Evans Bank, highlighting its impact on market positioning and operational scale.
Financials
- $236 million – The total value of the pending merger transaction between NBT Bank and Evans Bank.
- $16 billion – Expected combined asset value post-merger between NBT Bank and Evans Bank.
- $13.79 billion – NBT Bancorp's asset value as of December 31.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NBT Bank | Bidding Company | Company | A long-standing, community-focused bank in New York with an asset base of $13.79 billion. |
| Evans Bank | Target Company | Company | A regional bank based in Erie County, slated to merge with NBT Bank, enhancing NBT's market presence. |
| Joe Stagliano | President of NBT Bank | Person | Key spokesperson for the merger, highlighting strategic growth objectives. |
| Tim Brown | Rochester Regional President for NBT | Person | Previously Evans regional director, now positioned to lead NBT's expansion in Rochester. |