NORWICH, N.Y. — NBT Bancorp Inc. (NASDAQ: NBTB), the parent company of NBT Bank, announced it is expanding into western New York with the acquisition of Evans Bancorp, Inc. (NYSE: EVBN).

Under the deal, NBT will buy 100 percent of the outstanding shares of Evans in exchange for common shares of NBT in a transaction valued at $236 million based on NBT’s closing stock price of $46.28 on Sept. 6. The boards of both companies unanimously approved the deal, which is expected to close in the second quarter of 2025.

Following the acquisition, NBT will have the highest deposit market share in upstate New York for any bank, with assets just under $100 billion and a network of more than 170 branches. NBT Bank currently has 154 branches across seven states, including 107 branches in upstate New York.

“We are enthusiastic about this opportunity to partner with Evans and are confident it is a high quality and incredibly impactful way to expand NBT’s presence into western New York,” NBT President/CEO Scott A. Kingsley said in a statement. “Adding the greater Buffalo and Rochester communities to the markets served by NBT is a natural geographic extension of our footprint in upstate New York where we have been very active and successful for nearly 170 years. We share strong community banking values with Evans and look forward to working with their experienced team to build on the relationships they have established with their customers, communities, and shareholders.”

Headquartered in Williamsville, Evans has assets of $2.26 billion and 18 Evans Bank, N.A. branches in the Buffalo and Rochester markets.

“We are very excited to be joining the NBT family and bringing the next generation of community banking to Buffalo, Rochester, and the Finger Lakes,” Evans President/CEO David J. Nasca said. “We believe this strategic merger offers customers and the communities we serve access to elevated financial products and relationships with a combined organization that has consistently received recognition for delivering outstanding service while creating tremendous value for shareholders. NBT is strong committed to upholding our relationship-focused approach and providing a significant suite of expanded products, services, and capabilities, including technology-enabled solutions, delivered by professionals our customers and markets have trusted. In NBT we have found a powerful partner that closely mirrors the culture and values that we have operated under throughout our long history.”

Nasca will join the NBT board of directors following the merger.

Stephens Inc. served as the financial advisor to NBT while Piper Sandler & Co. served as financial advisor to Evans. Hogan Lovells US LLP served as NBT’s legal counsel, and Wiggin and Dana LLP served as executive compensation and employee benefits counsel to NBT. Luse Gorman, PC served as legal counsel to Evans.