NBT Bank plans to acquire Amherst-based Evans Bank, shaking up the Western New York banking landscape.
The estimated $236 million deal, which was announced Monday afternoon, is expected to close in the second quarter of 2025.
NBT is based in Norwich, in Chenango County, northeast of Binghamton. The deal would extend NBT’s presence into the western end of New York State.
NBT already has 154 locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Connecticut and Maine. More than 100 of those locations are in upstate New York. Evans has 18 locations in the Buffalo and Rochester areas.
“We are enthusiastic about this opportunity to partner with Evans and are confident it is a high quality and incredibly impactful way to expand NBT’s presence into Western New York,” said Scott A. Kingsley, NBT’s president and CEO, in a statement.
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“Adding the greater Buffalo and Rochester communities to the markets served by NBT is a natural geographic extension of our footprint in Upstate New York where we have been very active and successful for nearly 170 years.”
NBT’s takeover offer gives Evans shareholders about a 15% premium over the current share price. Evans shareholders would receive 0.91 shares of NBT stock for each Evans share they own. Evans shares have risen 33% over the past year, even before the NBT offer.
Both banks’ boards have approved the deal. The merger still needs the approval of Evans shareholders and of regulators.
David J. Nasca, president and CEO of Evans Bank, says the merger will benefit customers and shareholders.
“We believe this strategic merger offers customers and the communities we serve access to elevated financial products and relationships with a combined organization that has consistently received recognition for delivering outstanding service while creating…
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