NORWICH – NBT Bank of Norwich recently purchased advertisements in a handful of Southern Tier newspapers that target property owners who have or will be receiving bonus payments and royalty payouts from natural gas companies.

The new marketing strategy is in response to the increasing number of successful wells being drilled and the new customers who could be served by any number of NBT’s branch offices.

“There is a need for these folks who are potentially coming into some money, in many cases coming into some substantial money for the first time in their lives,” Trust and Investment Division Senior Vice President Timothy Handy said.

The bank hasn’t modified its products or services to meet any defined forecast of how the natural gas industry will impact the region’s economy, Handy said, but rather has recognized that some property owners may need advice.

In mid-September, Nornew, Inc. announced large natural gas finds in the Herkimer formation within wells drilled at two sites in Chenango County. Both wells are currently producing a million cubic feet per day, or nearly $8,000 based on market prices. An annual profit for landowners of about $340,000 per well far exceeds the county’s average per capita income of $25,533.