NBT to gain foothold in Massachusetts

NORWICH – NBT Bank plans to extend its reach into New England this year with the acquisition of four branches of a Massachusetts bank.

NBT President and CEO Martin Dietrich announced Wednesday that the Norwich-headquartered banking company intends to acquire Legacy Banks’ locations in Pittsfield, Lee, Great Barrington and North Adams. All four are located in Massachusetts’ Berkshire County.

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“We are pleased to have this opportunity to deliver our broad array of financial services to customers in a new market,” Dietrich said in a press statement. “Berkshire County is contiguous to New York’s Capital Region, where we have a strong and growing presence. We look forward to the opportunity to build upon the foundation this branch acquisition will provide for us in western Massachusetts.”

The deal, which is pending final regulatory approval, will include the transfer of the branch locations as well as $158 million of deposits and $45 million of loans currently held by Legacy Banks.

According to NBT’s Senior Vice President and Director of Marketing Florence Doller, the agreed purchase price is 6 percent of deposits, or roughly $9.48 million. The deal is anticipated to close in late October.

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