Nbt Bank Deposit New York

NBT Bancorp And Alliance Financial Receive Stockholder Approvals, Prepare To Close Merger.

NORWICH, N.Y. and SYRACUSE, N.Y., March 7, 2013 /PRNewswire/ —
NBT

 Bancorp Inc. (NBT)(NasdaqGS: NBTB) and Alliance Financial Corporation
(Alliance)(NasdaqGS:
ALNC

) announced today that both companies received
approval from stockholders at special meetings conducted this week to
complete their merger. Pursuant to the Agreement and Plan of Merger by
and between NBT and Alliance, dated October 7, 2012, Alliance will merge
with and into NBT. Additionally, Alliance Bank, N.A., a wholly-owned
subsidiary of Alliance, will merge with and into NBT’s wholly-owned
subsidiary,
NBT Bank

, N.A.

The merger of Alliance into NBT is expected to be completed at the
close of business on March 8, 2013, and will provide NBT with the
addition of $1.4 billion in assets, including $920 million in net loans
held for investment, and $1.1 billion in deposits. Following a weekend
systems conversion, Alliance Bank branches will open as NBT Bank offices
on March 11, 2013. NBT and Alliance have worked together to minimize the
impact of this transition to customers, who will retain their account
numbers following the conversion and be able to use their current checks
and debit cards. Direct deposits will also continue without
interruption.

Alliance Bank’s 26 branches are located in a five-county area
in central New York-including the counties of Onondaga, Cortland,
Madison, Oneida and Oswego-that is
contiguous

 to NBT Bank’s
existing footprint in
upstate New York

. With the merger, NBT Bank’s
branch network will grow to a total of 161 locations in five states,
including
New York
 Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of
, Pennsylvania, Vermont, Massachusetts and
New
Hampshire

 one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E).
.

“We are excited to bring together our two community-minded
upstate New York banks,” said NBT President and
CEO

 Martin
Dietrich. “We share a commitment to our customers and to banking
fundamentals that will create an even stronger local banking resource to
benefit the markets we serve and create long-term value for our
stockholders.”

Alliance Chairman, President and CEO Jack H. Webb added, “This
merger offers continuity for our customers, as they will continue to
receive high-quality service from a bank that puts customers first. At
the same time, they will gain access to an expanded branch network and
to the enhanced lending and product capabilities of a larger banking
organization.”

Webb will become a member of NBT’s Executive Management Team
following the merger, serving as Executive Vice President, Strategic
Support. In addition, Webb will join the NBT Board of Directors along
with two current Alliance directors who will be named later this
month.

Alliance Senior Vice President and Commercial Banking Group Manager
Richard J. Shirtz will lead NBT’s efforts in the greater Syracuse
area, serving as Regional President following the merger. In this role,
Shirtz will have responsibility for NBT Bank’s commercial banking
business and geographic oversight of all other area business units.
“I look forward to the opportunity to guide NBT Bank’s efforts
in greater Syracuse to deliver the responsive community banking that has
been integral to the success of both organizations,” said
Shirtz.

NBT is headquartered in Norwich, N.Y. and had assets of $6.0 billion
as of December 31, 2012. Alliance is headquartered in Syracuse, N.Y. and
had assets of $1.4 billion as of December 31, 2012.

SOURCE Alliance Financial Corporation