SYRACUSE — Shareholders this week approved the planned acquisition of Alliance Financial Corp. (NASDAQ: ALNC) of Syracuse by Norwich–based NBT Bancorp, Inc. (NASDAQ: NBTB).
The two banking companies both held special meetings this week for shareholders to vote on the deal, which will close at the end of business today. All 26 Alliance branches in Onondaga, Cortland, Madison, Oneida, and Oswego counties will open Monday as NBT locations.
Alliance will bring NBT $1.4 billion in assets, $920 million in loans, and $1.1 billion in deposits.
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NBT has assets of $6 billion and with the Alliance deal will grow to 161 locations in New York, Pennsylvania, Vermont, Massachusetts, and New Hampshire. The company also owns a 401(k) record keeping firm and an insurance agency.
Alliance and NBT announced the $233 million deal in October. Alliance is eliminating 98 jobs as a result of the acquisition, including 42 positions at its Syracuse headquarters and 56 at its operations center in Oneida.
Alliance Chairman, President and CEO Jack Webb will join NBT’s executive management team following the acquisition as executive vice president for strategic support. Webb will also join the NBT board of directors along with two current Alliance directors who will be named later this month.
Alliance Senior Vice President and Commercial Banking Group Manager Richard Shirtz will lead NBT’s efforts in the greater Syracuse area as regional president following the acquisition.
Contact Tampone at ktampone@cnybj.com
