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NBT Bank News

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NBT Bank Announces Agreement to Acquire Business in Greene and Schoharie Counties

NORWICH, N.Y. (October 25, 2011) – NBT Bank President and CEO Martin Dietrich announced that NBT Bank has reached an agreement to acquire business from three former Legacy Banks branches in Greene County and one in Schoharie County from Berkshire Bank, pending regulatory approval.

The purchase and assumption agreement signed yesterday includes provisions for NBT Bank to acquire three Legacy Banks branches in Greene County, including deposits, loans and branch facilities. These branches are located in Greenville, Oak Hill and Windham. Current employees at these locations will be offered positions with NBT Bank following the branch acquisition.

In Schoharie County, NBT Bank will acquire the deposits and loans of the Legacy Banks branch in Middleburgh and those customers will be serviced by NBT Bank’s existing branch at 299 Main Street in Middleburgh. The Legacy Banks branch in Middleburgh was heavily damaged by flooding resulting from Tropical Storm Irene in late August.

The accounts associated with the four branches addressed in the agreement include deposits of approximately $57 million and loans of approximately $1.6 million. Pending regulatory approval, the acquisition is expected to occur in early 2012.

“We are pleased at this opportunity to expand our branch network into Greene County, and we look forward to welcoming new customers in Schoharie County to our Middleburgh Office,” commented Dietrich.

NBT Bank offers personal banking, asset management and business services through two banking divisions—NBT Bank and Pennstar Bank—through a network of 129 branches in four states. NBT Bank operates from 93 locations in upstate New York, northwestern Vermont and western Massachusetts. Pennstar Bank does business from 36 locations in northeastern Pennsylvania. NBT Bank and its parent company, NBT Bancorp Inc., are headquartered in Norwich, N.Y. NBT Bancorp had assets of $5.5 billion as of September 30, 2011.