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September 10, 2024

Bank with growing CT presence announces $236M merger deal

Photo | NBT Bank NBT Bank’s Vermont regional headquarters in Burlington.
By Greg Bordonaro

A bank that has been expanding its presence in Connecticut announced it has merged with a fellow New York bank in a $236 million deal that will grow its footprint in the western part of the Empire State.

Norwich, New York-based NBT Bancorp Inc., parent company to NBT Bank, said it has agreed to merge with Evans Bancorp Inc. of Williamsville, New York. 

As part of the agreement, NBT will acquire 100% of the outstanding shares of Evans Bancorp, parent to Evans Bank, in exchange for common shares of NBT. The merger was unanimously approved by the boards of directors of both companies, the banks said.

The combined organization will have the highest deposit market share in upstate New York for any bank with assets under $100 billion, the banks said. It will also create a bank with over 170 locations from Buffalo, New York to Portland, Maine.

NBT Bank has $13.5 billion in assets and 154 locations in seven northeastern states, including Connecticut, where the regional lender has been growing its footprint in recent years. 

The bank first entered the Connecticut market in 2020, and significantly grew its presence in the state last year with its $204 million acquisition of Salisbury Bancorp.  

NBT also opened a new branch in West Hartford earlier this year. 

Evans Bank had assets of $2.26 billion as of June 30, 2024, and 18 locations in the Buffalo and Rochester markets.

The merger is expected to close in the second quarter of 2025, subject to shareholder and regulatory approvals. 
 

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