NBT Bancorp Inc. (“NBT” or the “Company”) (NASDAQ: NBTB) announced
today that, effective May 21, 2024, John H. Watt, Jr. will step
down as NBT’s President and Chief Executive Officer. Watt will
continue to serve on the Board of Directors and be named Vice
Chairman in May. In that capacity, he will provide strategic
support for NBT’s Upstate New York Semiconductor Chip Corridor
initiatives. In addition, he will continue as an Advisor to the
Company through year end.
Watt was appointed President and Chief Executive
Officer of NBT and NBT Bank, N.A. and became a member of the
Company’s Board of Directors in 2016. “I am deeply grateful for the
opportunity to lead NBT and to work with the team I truly believe
is the best in community banking,” said Watt. “I am proud of the
way we serve our customers and communities and how we have
continued to create long-term value for our shareholders. The Board
has been very supportive of our strategy, and I am also thankful
for their guidance over the last 7 years.”
After engaging in a 10-month process, NBT’s
Board of Directors unanimously approved a succession plan that
provides for the promotion of Scott A. Kingsley to succeed Watt as
President and Chief Executive Officer of NBT. Kingsley, who is
currently NBT’s Chief Financial Officer, will be appointed to the
Company’s Board of Directors when he assumes his new role on May
21.
The Board of Directors, in consultation with
Kingsley, also approved the promotion of Joseph R. Stagliano to
President of NBT Bank, N.A., effective May 21. Stagliano is
currently NBT’s President of Retail Community Banking and Chief
Information Officer.
In addition, Annette L. Burns, NBT’s Chief
Accounting Officer, will be promoted and assume the role of Chief
Financial Officer, reporting to Kingsley, effective on May 21.
NBT Board Chairman Martin A. Dietrich said, “On
behalf of the Board of Directors, I offer our sincere thanks to
John Watt for the vision and energy he has invested in the
leadership of the Company and for the effective direction he has
provided to the NBT team, particularly through the global pandemic.
We are fortunate to have an aligned Executive Management Team with
strong and experienced leaders like Scott Kingsley, Joe Stagliano,
and Annette Burns who are poised to assume these top leadership
roles as we move forward with this succession plan in May.”
“The orderly succession of the Company’s
leadership is a critical responsibility of the Board of Directors,”
said V. Daniel Robinson II, Chair of the Board’s Nominating and
Corporate Governance Committee. “We are pleased with the thoughtful
and thorough selection process that was conducted and are confident
that the upcoming transition will be successful and that it will
provide important continuity for NBT.”
Kingsley joined NBT in 2021. He has more than 35
years of experience, including 16 years as a member of the
management team at Community Bank System, Inc., where he served as
Chief Operating Officer and, prior to that, as Chief Financial
Officer. Kingsley started his career with PricewaterhouseCoopers,
LLP before joining the Carlisle Companies, Inc., a publicly traded
global manufacturer and distributor, where he served in financial
and operational leadership roles. A Certified Public Accountant,
Kingsley earned his bachelor’s degree in accounting at Clarkson
University.
Stagliano joined the Company in 1999. He has
over 30 years of experience in the financial services industry.
Today, he oversees the Company's Operations and Retail Banking
Divisions. He was promoted to Chief Information Officer and joined
the Company's Executive Management Team in 2006. In 2016, he
assumed responsibility for Retail Banking in addition to his duties
as Chief information Officer. In 2018, Stagliano was named
President of Retail Banking. Prior to joining NBT, Stagliano was
employed by MetLife. Stagliano earned his bachelor's degree in
business and public management from the State University of New
York Institute of Technology in Utica.
Burns joined NBT in 2013 with the Company’s
acquisition of Alliance Bancorp. A Certified Public Accountant, she
has over 25 years of experience in accounting and finance. She
started her career at PricewaterhouseCoopers, LLP. Burns earned her
bachelor’s degree in business administration from St.
Bonaventure University.
Corporate OverviewNBT Bancorp
Inc. is a financial holding company headquartered in Norwich, NY,
with total assets of $13.83 billion at September 30, 2023. The
Company primarily operates through NBT Bank, N.A., a full-service
community bank, and through two financial services companies. NBT
Bank, N.A. has 153 banking locations in New York, Pennsylvania,
Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC
Advisors, Inc., based in Rochester, NY, is a national benefits
administration firm. NBT Insurance Agency, LLC, based in Norwich,
NY, is a full-service insurance agency. More information about NBT
and its divisions is available online at: www.nbtbancorp.com,
www.nbtbank.com, www.epicrps.com and www.nbtinsurance.com.
Forward-Looking StatementsThis
press release contains forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995. These
statements may be identified by the use of phrases such as
“anticipate,” “believe,” “expect,” “forecasts,” “projects,” “will,”
“can,” “would,” “should,” “could,” “may,” or other similar terms.
There are a number of factors, many of which are beyond the
Company’s control, that could cause actual results to differ
materially from those contemplated by the forward-looking
statements. Factors that may cause actual results to differ
materially from those contemplated by such forward-looking
statements include, among others, the following possibilities: (1)
local, regional, national and international economic conditions,
including actual or potential stress in the banking industry, and
the impact they may have on the Company and its customers and the
Company’s assessment of that impact; (2) changes in the level of
nonperforming assets and charge-offs; (3) changes in estimates of
future reserve requirements based upon the periodic review thereof
under relevant regulatory and accounting requirements; (4) the
effects of and changes in trade and monetary and fiscal policies
and laws, including the interest rate policies of the Federal
Reserve Board; (5) inflation, interest rate, securities market and
monetary fluctuations; (6) political instability; (7) acts of war,
including international military conflicts, or terrorism; (8) the
timely development and acceptance of new products and services and
the perceived overall value of these products and services by
users; (9) changes in consumer spending, borrowing and saving
habits; (10) changes in the financial performance and/or condition
of the Company’s borrowers; (11) technological changes; (12)
acquisition and integration of acquired businesses; (13) the
possibility that NBT and Salisbury may be unable to achieve
expected synergies and operating efficiencies in their 2023 merger
within the expected timeframes; (14) the ability to increase market
share and control expenses; (15) changes in the competitive
environment among financial holding companies; (16) the effect of
changes in laws and regulations (including laws and regulations
concerning taxes, banking, securities and insurance) with which the
Company and its subsidiaries must comply, including those under the
Dodd-Frank Act, and the Economic Growth, Regulatory Relief, and
Consumer Protection Act of 2018; (17) the effect of changes in
accounting policies and practices, as may be adopted by the
regulatory agencies, as well as the Public Company Accounting
Oversight Board, the Financial Accounting Standards Board and other
accounting standard setters; (18) changes in the Company’s
organization, compensation and benefit plans; (19) the costs and
effects of legal and regulatory developments, including the
resolution of legal proceedings or regulatory or other governmental
inquiries, and the results of regulatory examinations or reviews;
(20) greater than expected costs or difficulties related to the
integration of new products and lines of business; and (21) the
Company’s success at managing the risks involved in the foregoing
items.
The Company cautions readers not to place undue
reliance on any forward-looking statements, which speak only as of
the date made, and advises readers that various factors, including,
but not limited to, those described above and other factors
discussed in the Company’s annual and quarterly reports previously
filed with the SEC, could affect the Company’s financial
performance and could cause the Company’s actual results or
circumstances for future periods to differ materially from those
anticipated or projected.
Unless required by law, the Company does not
undertake, and specifically disclaims any obligations to, publicly
release any revisions that 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.
Contact: |
Florence R.
Doller |
|
Senior Vice President and Director of Corporate
Communications |
|
NBT Bancorp Inc. |
|
52 South Broad Street |
|
Norwich, NY 13815 |
|
607-337-6118 |
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