U.S. lender NBT Bancorp Inc. (NBTB) entered into a definitive merger agreement on September 9, 2024, to acquire Evans Bancorp, Inc. (EVBN) in an all-stock deal valued at $236 million, as it aims to broaden its presence in western New York.
Under the terms of the agreement, Evans shareholders will receive 0.91 NBT shares for each Evans share, at about $41.81 per share, representing a 14.55% premium from the stock’s last close.