NBT Bancorp Inc. (NBTB) and Alliance Financial Corp. (ALNC) said Thursday that both companies have received approval from shareholders to complete their merger.
Pursuant to the merger agreement 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 is expected to be completed at the close of business on March 8, 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.
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