NBT Bancorp to buy Alliance Financial for $233 mln

Mon Oct 8, 2012 9:05am EDT

Oct 8 (Reuters) - NBT Bancorp Inc said it agreed to buy Alliance Financial Corporation in a deal valued at about $233.4 million to expand its footprint in New York.

The deal is valued at $48.24 per share -- a 22 percent premium to the stock's Friday close.

Alliance shareholders will receive 2.1779 common shares of NBT for each Alliance share they own.

NBT, which had assets of $6 billion as of June 30, will get an additional $1.4 billion in assets through the deal. This includes $890 million in net loans held for investment, and $1.1 billion in deposits.

NBT shares closed at $22.15, while those of Alliance closed at $39.41 on Friday on the Nasdaq.