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NBT Bancorp receives regulatory approval to complete Evans Bancorp merger

NBT Bancorp (NBTB) announced that it has received regulatory approval to complete the proposed merger of Evans Bancorp (EVBN) with and into NBT and Evans Bank, with and into NBT Bank. The Office of the Comptroller of the Currency approved the merger of Evans Bank with and into NBT Bank, and NBT received a waiver from the Federal Reserve Bank of New York for any application with respect to the merger of Evans with and into NBT. On December 20, the shareholders of Evans voted to approve the merger. Evans reported over 75% of the issued and outstanding shares of Evans were represented at a special shareholder meeting and over 96% of the votes cast were voted to approve the merger.

Evans Bancorp reports Q3 EPS 53c, one estimate 40c

David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, "Evans delivered solid third quarter performance as the rate environment began to improve, driven by growth in our lending portfolio, and deposits, an expanded net interest margin, and continued expense management discipline. We additionally benefited from the sale of an OREO property during the quarter, which boosted non-interest income and helped offset the initial $0.6M n merger-related costs incurred."

NBT Bancorp merges with Evans in $236M transaction

NBT Bancorp (NBTB) and Evans Bancorp (EVBN) announced they have entered into a definitive agreement pursuant to which Evans will merge with and into NBT. This merger will bring together two highly respected banking companies and extend NBT's growing footprint into Western New York. ...The combined organization will have the highest deposit market share in Upstate New York for any bank with assets under $100B and will result in a network of over 170 locations from Buffalo, NY to Portland, ME. Pursuant to the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236M based on NBT's closing stock price of $46.28 on September 6 . The merger was unanimously approved by the Boards of Directors of both companies.Nasca will join the NBT Board of Directors following the merger..The merger is expected to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including approval by the shareholders of Evans and the receipt of required regulatory approvals.