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NBT Bancorp and Evans Bancorp to Merge in an All-Stock Deal for $236 Million

  • September 10, 2024

EVBN Merger

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.

Deal Details:

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.

Company Profile:

Evans Bancorp is a financial holding company based in Williamsville, New York. Its subsidiary Evans Bank, N.A., operates 18 branches across Western New York and provides a wide range of banking and financial services.

NBT Bancorp is a financial company based in Norwich, New York, providing banking, insurance, and wealth management services through its NBT Bank, with 154 branches across the Northeast.

Deal Details and Timeline:

As of June 30, NBT’s total assets amounted to $13.50 billion, while Evans held $2.26 billion in assets.

Evans’ current Price/Book (TTM) ratio is 1.10, below the sector median of 1.21.

The new deal will enable NBT to expand its market share in Buffalo and Rochester. At present, the bank mainly serves customers in upstate New York, including areas like Norwich, Syracuse, and Oneonta. It also has a presence in Pennsylvania, Vermont, and Massachusetts.

Following the deal, which is anticipated to close in the first half of next year, Evans’ CEO David Nasca will join NBT’s board of directors.

Deal Metrics:

For further details about the merger, visit the Deal Metrics page here:

Deal Metrics for the acquisition of Evans Bancorp, Inc. (EVBN) by NBT Bancorp Inc. (NBTB)

The Deal Metrics page for each merger or acquisition includes:

– A spread history chart of the merger from announcement through eventual completion or failure.
– Every event as the merger progresses through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And a whole lot more.

Disclaimer: This article is purely informational. We urge readers to conduct their own due diligence before buying or selling any securities mentioned. We do not guarantee the accuracy or completeness of the data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article