SYRACUSE — Third-quarter profit at Alliance Financial Corp. (NASDAQ: ALNC) fell more than 37 percent from a year earlier to $2.3 million, or 48 cents a share.
Net income for the third quarter in 2011 received a boost of $472,000 in net securities gains while the same period in 2012 included $598,000 in costs related to the planned acquisition of Alliance by Norwich–based NBT Bancorp (NASDAQ: NBTB).
NBT announced plans to acquire Syracuse–based Alliance earlier this month in a deal worth more than $233 million.
(Sponsored)
Is Your Small Business Ready for the Unexpected?
Essential Coverage Every Family Enterprise Needs Small businesses are built on big dreams, and those dreams run even deeper when family is involved. You’ve invested your time, money, and heart
You Filed Your 2022 Tax Returns, Now Let’s Look Ahead
Another busy tax filing season is behind us and with a return to normalcy this year, without significant processing delays at the Internal Revenue Service (IRS), we can look forward.
NBT has $6 billion in assets and 135 branches in New York, Pennsylvania, Vermont, Massachusetts, and New Hampshire. The banking company also owns a 401(k) record keeping firm and an insurance agency.
Alliance has more than $1.4 billion in total assets and 29 offices in Cortland, Madison, Oneida, Onondaga, and Oswego counties. The company also owns an equipment lease financing company and operates an investment management administration center in Buffalo.
The acquisition is expected to close in early 2013.
Contact Tampone at ktampone@cnybj.com
