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Evans Bancorp (NYSE:EVBN) has agreed to merge with and into NBT Bancorp (NASDAQ:NBTB) in a deal that will give the combined company the highest deposit market share in Upstate New York for any bank with assets under $100B, the lenders said Monday.
Pursuant to the merger, NBT (NBTB) will acquire 100% of the outstanding shares of Evans (EVBN) 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 about $236M based on NBT’s closing stock price of $46.28 on September 6, 2024.
The deal, which was unanimously approved by the boards of both companies, is expected to close in Q2 2025.
NBT (NBTB) President and CEO Scott A. Kingsley said the merger will extend NBT’s footprint into Western New York. It will result in a network of more than 170 locations from Buffalo, New York to Portland, Maine.
Evans, headquartered in Williamsville, New York, had assets of $2.26B as of June 30, 2024, and 18 locations in the Buffalo and Rochester markets.
(EVBN) gained 2% in after-hours trading.
