NORWICH — Several former directors of Syracuse–based Alliance Financial Corp. have joined the NBT Bancorp, Inc. (NASDAQ: NBTB) board.
NBT, based in Norwich, acquired Alliance earlier in March. Its new directors include Lowell Seifter, Paul Solomon, Donald Dew, and former Alliance Chairman, President, and CEO Jack Webb. NBT had previously said Webb would join the board with the acquisition and become executive vice president for strategic support.
“We’re pleased to welcome Lowell Seifter, Paul Solomon, Jack Webb, and Donald Dew to board service at NBT,” NBT President and CEO Martin Dietrich said in a news release. “Their business acumen and knowledge of Central New York were great assets to Alliance and we look forward to benefiting from their expertise as directors for NBT.”
Nearly 100 jobs at Alliance were eliminated as a result of the acquisition, including 42 positions at its Syracuse headquarters and 56 at its operations center in Oneida.
The acquisition triggered “golden parachute” pay packages for Webb and other Alliance executives.
Webb was in line for more than $2.6 million, including more than $1.9 million in cash and more than $711,000 in equity.
Executive Vice President John Watt was in line for more than $1.2 million in total compensation; Executive Vice President, Treasurer, and CFO J. Daniel Mohr was due more than $1.1 million; Executive Vice President and Senior Loan Officer James Getman was to receive more than $679,000; and Senior Vice President Steven Cacchio was to receive more than $710,000.
NBT Bancorp is the holding company for NBT Bank, which has 161 locations in New York, Pennsylvania, Vermont, Massachusetts, and New Hampshire. The company also owns a 401(k) record keeping firm and an insurance agency.
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