SYRACUSE — Shareholders will have the chance in the coming weeks to vote on the planned acquisition of Alliance Financial Corp. of Syracuse by Norwich–based NBT Bancorp, Inc.
The boards of both banking companies approved the $233 million deal in October. NBT shareholders will vote on the acquisition March 5 and Alliance shareholders on March 7.
Alliance shareholders will also cast non-binding advisory votes on “golden parachute” compensation packages for top Alliance executives. Alliance is contractually obligated to pay the packages if the merger is completed, regardless of the outcome of the advisory vote, according to a filing with the Securities and Exchange Commission (SEC).
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Alliance Chairman, President, and CEO Jack Webb is in line for more than $2.6 million in total compensation, including more than $1.9 million in cash and more than $711,000 in equity. Webb will join NBT’s board of directors and the company’s management team as executive vice president for strategic support after the acquisition closes.
Executive Vice President John Watt will receive more than $1.2 million in total compensation; Executive Vice President, Treasurer, and CFO J. Daniel Mohr will receive more than $1.1 million; Executive Vice President and Senior Loan Officer James Getman will receive more than $679,000; and Senior Vice President Steven Cacchio will receive more than $710,000.
More details on the shareholder votes can be found in SEC filings here.
NBT Bancorp (NASDAQ: NBTB), parent of NBT Bank, has $6 billion in assets and 135 branches in New York, Pennsylvania, Vermont, Massachusetts, and New Hampshire. The company also owns a 401(k) record keeping firm and an insurance agency.
Alliance (NASDAQ: ALNC), parent of Alliance Bank, has $1.4 billion in total assets and 29 Alliance Bank offices in Cortland, Madison, Oneida, Onondaga, and Oswego counties. The company also owns an equipment lease financing firm and operates an investment management administration center in Buffalo.
Alliance announced in December that 98 jobs will be eliminated at the bank’s Syracuse headquarters and its operations center in Oneida after the deal with NBT closes.
Contact Tampone at ktampone@cnybj.com
