NBT Bancorp Inc. Completes Merger With Salisbury Bancorp, Inc. and Announces Increased Cash Dividend
14 Agosto 2023 - 8:15AM
NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) announced
that it completed the merger of Salisbury Bancorp, Inc.
(“Salisbury”) with and into NBT (“Merger”) on August 11, 2023. The
Merger added 13 banking offices to the NBT franchise in
complementary markets, including northwestern Connecticut, the
Hudson Valley region of New York and southwestern Massachusetts.
Following a core systems conversion that occurred over the weekend,
NBT Bank now has 153 banking offices across its seven-state
footprint.
“We are honored to build on the relationships
Salisbury has cultivated with its customers, communities and
shareholders for 175 years,” said NBT President and CEO John H.
Watt, Jr. “We are also pleased to welcome the dedicated
professionals joining NBT in customer-facing positions in our
retail, commercial and wealth management businesses along with many
in key support roles in our new Lakeville Operations Center. With
the integration of our two high-quality community banks, we are
focused on continuing to support all stakeholders with a smooth
transition and to the opportunity to grow our combined company
together.”
In connection with the closing of the Merger, NBT has appointed
former President and CEO of Salisbury, Richard J. Cantele,
Jr., to its board of directors. He will also join the Executive
Management Team at NBT.
Dividend Increase
On August 14, 2023, NBT approved a third-quarter
2023 cash dividend of $0.32 per share, which represents a $0.02 per
quarter, or 6.7%, increase over the dividend paid in the second
quarter of this year. This is the Company’s eleventh consecutive
year of annual dividend increases. The dividend will be paid on
September 15, 2023 to shareholders of record on September 1,
2023.
About NBT Bancorp
NBT Bancorp is a financial holding company
headquartered in Norwich, NY, with total assets of $11.89 billion
at June 30, 2023. The Company primarily operates through NBT Bank,
N.A., a full-service community bank, and through two financial
services subsidiaries. NBT Bank, N.A. has banking locations in New
York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine
and Connecticut. EPIC Retirement Plan Services is a national
benefits administration firm. NBT Insurance Agency, LLC, is a
full-service regional insurance agency.
Forward Looking Statements
This report contains forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements about NBT and its industry involve
substantial risks and uncertainties. Statements other than
statements of current or historical fact, including statements
regarding NBT’s future financial condition, results of operations,
business plans, liquidity, cash flows, projected costs, and the
impact of any laws or regulations applicable to NBT, are
forward-looking statements. Words such as “anticipates,”
“believes,” “estimates,” “expects,” “forecasts,” “intends,”
“plans,” “projects,” “may,” “will,” “should” and other similar
expressions are intended to identify these forward-looking
statements. Such statements are subject to factors that could cause
actual results to differ materially from anticipated results.
Among the risks and uncertainties that could
cause actual results to differ from those described in the
forward-looking statements include, but are not limited to the
following: (1) the businesses of NBT and Salisbury may not be
combined successfully, or such combination may take longer to
accomplish than expected; (2) the cost savings from the merger may
not be fully realized or may take longer to realize than expected;
(3) operating costs, customer loss and business disruption
following the merger, including adverse effects on relationships
with employees, may be greater than expected; (4) the possibility
that NBT may be unable to achieve expected synergies and operating
efficiencies in the merger within the expected timeframes or at all
or to successfully integrate Salisbury’s operations and those of
NBT; (5) such integration may be more difficult, time consuming or
costly than expected; (6) revenues following the proposed
transaction may be lower than expected; (7) NBT’s success in
executing its business plan and strategy and managing the risks
involved in the foregoing; (8) the dilution caused by NBT’s
issuance of additional shares of its capital stock in connection
with the proposed transaction; (9) changes in general economic
conditions, including changes in market interest rates and changes
in monetary and fiscal policies of the federal government; (10)
legislative and regulatory changes; and (11) uncertainty as to the
extent of the duration, scope, and impacts of the COVID-19 pandemic
on NBT. Further information about these and other relevant risks
and uncertainties may be found in NBT’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2022 and in subsequent
filings with the SEC.
Forward-looking statements speak only as of the
date they are made. NBT does not undertake, and specifically
disclaims any obligation, to publicly release the result of any
revisions which may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. You are cautioned
not to place undue reliance on these forward-looking
statements.
Contact: |
John H. Watt, Jr., President and CEOScott A. Kingsley, Executive
Vice President and CFONBT Bancorp Inc.52 South Broad StreetNorwich,
NY 13815607-337-6589 |
NBT Bancorp (NASDAQ:NBTB)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
NBT Bancorp (NASDAQ:NBTB)
Gráfica de Acción Histórica
De May 2023 a May 2024