NBT Completes $236M Merger with Evans Bancorp
Deal News | May 05, 2025 | EIN
NBT Bancorp Inc., the parent company of NBT Bank, has successfully completed a merger with Evans Bancorp Inc., based in Williamsville, New York. The $236 million transaction was finalized on May 2, marking a significant expansion for NBT Bancorp in Western New York. As a result of the merger, NBT will acquire 14 new banking offices in the Buffalo area and four in the Rochester area, increasing its branch total to 175 across seven states. The merger also brings over 200 employees and more than 40,000 customers under the NBT umbrella. Through the strategic expansion into Buffalo and Rochester, NBT aims to reinforce its service area in Upstate New York and foster growth with its new acquisition. Three executives from Evans have been appointed to leadership roles within NBT, ensuring a smooth transition and integration.
Sectors
- Banking
- Mergers and Acquisitions
Geography
- United States – The merger involves companies based in New York and has implications in Connecticut and across the United States.
- New York – Both NBT Bancorp and Evans Bancorp are based in New York, and the merger expands NBT's presence in the western part of the state.
- Connecticut – NBT Bank has been expanding its presence in Connecticut, which is relevant to its growing footprint mentioned in the article.
Industry
- Banking – The article discusses a merger between two banks, highlighting expansion and integration in the banking sector.
- Mergers and Acquisitions – The main focus of the article is on the merger transaction between NBT Bancorp and Evans Bancorp.
Financials
- $236 million – The merger deal value between NBT Bancorp and Evans Bancorp.
- $204 million – The previous acquisition amount for Salisbury Bancorp by NBT Bancorp earlier in 2023.
- $13.86 billion – Total assets of NBT Bank following the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| NBT Bancorp Inc. | Acquiring Company | Company | Parent company of NBT Bank, expanding its presence through the merger with Evans Bancorp. |
| Evans Bancorp Inc. | Target Company | Company | New York-based bank that merged with NBT Bancorp, adding branches in the Buffalo and Rochester areas. |
| Scott A. Kingsley | CEO of NBT Bancorp | Person | President and CEO of NBT Bancorp overseeing the merger and integration. |
| Ken Pawlak | Executive | Person | Newly appointed president of the western region of New York and Buffalo regional president at NBT Bank. |
| Tim Brown | Executive | Person | Rochester regional president at NBT Bank following the merger. |
| Audrey Meyers | Executive | Person | Senior territory manager for retail banking in the Buffalo and Rochester markets post-merger. |