NBT Bancorp in Norwich, N.Y., has agreed to buy Evans Bancorp in Williamsville, N.Y.
The $13.5 billion-asset NBT said in a press release that it will pay $236 million in stock for the $2.3 billion-asset Evans. The deal is expected to close in the second quarter.
“We are confident [the acquisition] is a high-quality and incredibly impactful way to expand NBT’s presence into western New York,” Scott Kingsley, NBT’s president and CEO, said in the release. “Adding the greater Buffalo and Rochester communities to the markets served by NBT is a natural geographic extension of our footprint in upstate New York.”
Evans has 18 branches in the Buffalo and Rochester markets.
David Nasca Evans’ president and CEO, will join NBT’s board after the deal closes.
Stephens and Hogan Lovells US advised NBT. Piper Sandler and Luse Gorman advised Evans.