Financial Advisor
NBT Bancorp Inc.
M&A Advisory
Has Agreed To Merge With
Transaction Details
- On September 9, 2024, NBT Bancorp Inc. (“NBT”) (NASDAQ: NBTB) and Evans Bancorp, Inc. (“Evans”) (NYSE American: EVBN) announced they have entered into a definitive agreement pursuant to which Evans will merge with and into NBT
- This merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York
- The combined organization will have the highest market share in Upstate New York for any bank with assets under $100 billion and a network of over 170 locations from Buffalo, NY to Portland, ME
- NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91x of NBT’s shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024
Sources: Company Press Release, Company Investor Presentation, S&P Global Market Intelligence.
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(1) Data as of transaction close.
(2) Assumes 1H 2024 annualized GAAP net income for NBTB; EVBN assumes 1H 2024 annualized GAAP net income excluding nonrecurring insurance related revenue.This material has been prepared solely for informational purposes as of its stated date. It is not a solicitation, recommendation or offer to buy or sell any security and does not provide information on which an investment decision to purchase or sell any securities could be based. It does not purport to be a complete description of the securities, markets or developments referred to in this material. All information and data included in this material has been sourced from company announcements and other sources cited in this material, but Stephens has not independently verified such information and does not guarantee that it is accurate or complete. No subsequent publication or distribution of this material shall mean or imply that any such information remains current at any time after the date of preparation of this material. Stephens does not undertake to advise you of any changes in any such information. Additional information is available upon request.
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