NBT Bancorp (NBTB.US) to acquire Evans Bancorp (EVBN.US), expanding into western New York

Evans Bancorp (EVBN.US) has agreed to merge with NBT Bancorp (NBTB.US), which will give the combined company the largest deposit market share among banks with less than $10 billion in assets in northern New York after the deal closes.

In the merger, NBT will acquire 100% of Evans' outstanding shares in exchange for NBT common stock. The transaction ratio will be fixed at 0.91 shares of NBT for each share of Evans, valuing the total transaction at approximately $236 million based on NBT's closing price of $46.28 on September 6, 2024.

The transaction has been unanimously approved by the boards of directors of both companies and is expected to be completed in the second quarter of 2025.

Scott A. Kingsley, president and CEO of NBT, said the merger would expand NBT's footprint to western New York, creating a network of more than 170 locations from Buffalo to Portland, Maine.

Evans, headquartered in Williamsville, New York, had assets of $2.26 billion as of June 30, 2024, with 18 branches in the Buffalo and Rochester markets.

As of the time of writing, Evans was up 7% in after-hours trading to $39.21.