NORWICH, N.Y. — NBT Bancorp Inc. (NASDAQ: NBTB) has received regulatory approval from the Office of the Comptroller of Currency to complete its acquisition for Evans Bancorp Inc. (NYSE American: EVBN), a deal that will merge Evans Bank, N.A. into NBT Bank, N.A., the company announced.
NBT also received a waiver from the Federal Reserve Bank of New York for any application with respect to the acquisition.
Evans’ shareholders voted on Dec. 20 to approve the deal, with more than 75 percent of issued and outstanding shares represented at the special shareholder meeting and over 96 percent of votes cast approving the deal.
“We are pleased that we have received the necessary regulatory approvals to proceed with the merger and that Evans shareholders have demonstrated strong support for the partnership that will bring NBT and Evans together,” NBT President/CEO Scott A. Kingsley said in a release. “Team members from NBT and Evans have been working closely to plan for a smooth transition in the second quarter of 2025, and we look forward to continuing to build on the relationships Evans has established with their customers, communities, and shareholders as we extend NBT’s footprint in upstate New York into the attractive Buffalo and Rochester markets.”
NBT and Evans entered into the all-stock transaction agreement on Sept. 9. The deal will add Evans’ 18 Western New York branches into the NBT network now that it received regulatory and shareholder approval.
“These approvals are important milestones in the merger process, and we are grateful that Evans shareholders have so positively endorsed this strategic partnership,” Evans President/CEO David J. Nasca said. “Joining the NBT family will benefit our customers and communities as they will continue to be served by a combined organization that upholds our shared culture and values, maintains our relationship-focused approach, and offers an elevated suite of financial products and services.”
Headquartered in Williamsville, Evans had $2.28 billion in total assets as of Sept. 30, 2024. Evans Bank, N.A. is a full-service community bank that serves consumers, businesses, and municipalities.
NBT Bancorp is a financial-holding company headquartered in Norwich with total assets of $13.84 billion. Its subsidiaries are NBT Bank, N.A., with 155 branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut; EPIC Retirement Plan Services, a Rochester–based national benefits-administration firm; and NBT Insurance Agency, a full-service insurance agency located in Norwich.