NORWICH, N.Y. (July 13, 2011) - NBT Bank President and CEO Martin Dietrich announced plans today to expand NBT Bank's service area this fall to a fourth state-Massachusetts.
Pending final regulatory approval, NBT Bank will acquire approximately $158 million of deposits, $45 million of loans and four branches of Legacy Banks in Berkshire County, Ma. These Legacy branches are in Pittsfield, Lee, Great Barrington and North Adams. The acquisition of these branches by NBT Bank is expected to occur in October and will resolve anticompetitive issues related to the merger between Legacy Banks and Berkshire Bank slated to occur later this month.
"We are pleased to have this opportunity to deliver our broad array of financial services to customers in a new market," said Dietrich. "Berkshire County is contiguous to New York's Capital Region where we have a strong and growing presence. We look forward to the opportunity to build upon the foundation this branch acquisition will provide for us in western Massachusetts."
NBT Bank offers personal banking, asset management and business services through two banking divisions-NBT Bank and Pennstar Bank-with a network of 123 branches in three states. NBT Bank operates from 87 locations in upstate New York and northwestern Vermont. Pennstar Bank does business from 36 locations in northeastern Pennsylvania. The independent community bank is headquartered in Norwich, N.Y. NBT Bank's parent company, NBT Bancorp Inc., had assets of $5.5 billion as of March 31, 2011.