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.
“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.
Legacy Banks is in the process of merging with another Massachusetts-based bank, Berkshire Bank. The four branches are being divested in order to resolve anti-competitive issues related to that merger, which is slated to be finalized July 21, subject to regulatory approval.
“When we announced our merger agreement with Legacy last December, we indicated that we expected to conduct a branch divestiture and we are pleased with the financial terms we have achieved,” explained Berkshire Bank President and CEO Michael P. Daly in a press statement issued jointly by the three banks.
“The shareholders of Berkshire and Legacy met recently and approved the merger, and we are proceeding expeditiously to complete this partnership and bring its benefits to shareholders and to the communities we serve,” Daly said.
Currently NBT’s two banking divisions, NBT Bank and Pennstar Bank, operate a network of 123 branches in New York, Pennsylvania and Vermont. Now, they will have a foothold in a fourth state as well. For the last two years, the bank has concentrated its growth on Vermont and New York’s Capital Region.
“For us, it’s certainly a natural extension of where we are in the Capital Region,” she said, explaining that NBT has existing locations within an hour of the soon-to-be-acquired branches in Berkshire County.
According to Doller, the style of community banking NBT offers will be a “good fit” for Berkshire County and the four branches will provide a platform for future growth in Massachusetts.
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.
“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.
Legacy Banks is in the process of merging with another Massachusetts-based bank, Berkshire Bank. The four branches are being divested in order to resolve anti-competitive issues related to that merger, which is slated to be finalized July 21, subject to regulatory approval.
“When we announced our merger agreement with Legacy last December, we indicated that we expected to conduct a branch divestiture and we are pleased with the financial terms we have achieved,” explained Berkshire Bank President and CEO Michael P. Daly in a press statement issued jointly by the three banks.
“The shareholders of Berkshire and Legacy met recently and approved the merger, and we are proceeding expeditiously to complete this partnership and bring its benefits to shareholders and to the communities we serve,” Daly said.
Currently NBT’s two banking divisions, NBT Bank and Pennstar Bank, operate a network of 123 branches in New York, Pennsylvania and Vermont. Now, they will have a foothold in a fourth state as well. For the last two years, the bank has concentrated its growth on Vermont and New York’s Capital Region.
“For us, it’s certainly a natural extension of where we are in the Capital Region,” she said, explaining that NBT has existing locations within an hour of the soon-to-be-acquired branches in Berkshire County.
According to Doller, the style of community banking NBT offers will be a “good fit” for Berkshire County and the four branches will provide a platform for future growth in Massachusetts.
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