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NORWICH, N.Y. - NBT Bancorp Inc. (NASDAQ: NBTB), a financial holding company, has finalized its merger with Evans Bancorp, Inc., effectively extending its branch network into Western New York. The merger, completed on Monday, has added 18 new locations to NBT Bank’s portfolio, with 14 branches in the Buffalo area and 4 in greater Rochester, bringing the total to 175 branches across seven states. According to InvestingPro data, NBT Bancorp, currently trading at $43.41, shows strong financial health with a market capitalization of $2.05 billion and appears undervalued based on Fair Value analysis.
The integration, which included a core systems conversion over the weekend, brought over 200 employees and more than 40,000 customers from Evans Bank into the NBT fold. NBT President and CEO Scott A. Kingsley expressed enthusiasm about the expansion, highlighting the alignment with NBT’s growth strategy in Upstate New York and the company’s commitment to ensuring a seamless transition for stakeholders. The company’s strong financial position is reflected in its 13.26% revenue growth and impressive 40-year track record of maintaining dividend payments, with a current dividend yield of 3.13%.
As part of the merger, three former Evans executives have taken on leadership roles at NBT Bank. Ken Pawlak is now the President of the Western Region of New York and Buffalo Regional President. Tim Brown has been appointed as Rochester Regional President, and Audrey Meyers serves as Senior Territory Manager for Retail Banking in the Buffalo and Rochester markets. Joseph R. Stagliano, President of NBT Bank, underscored the importance of their regional expertise for maintaining the bank’s responsiveness to employees and customers.
Later in May, following NBT’s Annual Meeting of Stockholders, David J. Nasca, former President and CEO of Evans, is expected to join NBT’s board of directors per the merger agreement terms.
NBT Bancorp, headquartered in Norwich, NY, reported total assets of $13.86 billion as of March 31, 2025. The company operates primarily through NBT Bank, N.A., and its two financial services subsidiaries, EPIC Retirement Plan Services and NBT Insurance Agency, LLC.
This announcement is based on a press release statement and contains forward-looking statements subject to risks and uncertainties, including the possibility that the merger’s anticipated benefits may not be fully realized or may take longer than expected. The company’s future performance could differ materially from current expectations due to a variety of factors, including those related to the integration of the two companies and broader economic conditions.
In other recent news, NBT Bancorp reported impressive financial results for the first quarter of 2025, surpassing earnings expectations with an earnings per share (EPS) of $0.80 against the forecasted $0.74. The company also exceeded revenue projections, posting $154.67 million compared to the anticipated $151.04 million, marking a 12% year-over-year increase. Additionally, NBT Bancorp announced that its tangible book value per share reached a record high of $24.74. The upcoming merger with Evans Bancorp is set to close soon, which is expected to result in a 4% tangible book value dilution but offer $0.30 in earnings accretion. Analyst firm DA Davidson recently adjusted its outlook on NBT Bancorp, reducing the price target to $53 while maintaining a Buy rating, citing strong pre-provision net revenue and net interest margin expansion. The firm also highlighted the potential benefits of the Evans Bancorp merger and the economic growth in upstate New York. NBT Bancorp’s projected return on assets for 2026 is noted to be above-peer at 1.3%, with the stock trading at 10.0 times earnings. These developments underscore NBT Bancorp’s robust performance and strategic growth initiatives.
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