NBT Bancorp, Inc. has agreed to acquire BSB Bancorp Inc. in a transaction valued at $248 million. The deal would create one of the largest independent community banks in upstate New York, serving 12 counties from more than 55 offices and over 100 ATMs. The bank holding company would have assets of $4.7 billion and proforma market capitalization of about $539 million.
Common stockholders of NBT would own about 53% of the combined company, assuming consummation of NBT's previously announced agreement to merge with Pioneer American Holding Company Corp.
The resulting bank would adopt a new name prior to the merger. The combined company would have three direct operating subsidiaries -- two community banks and a financial services company. The companies expect to complete the merger in the fourth quarter.
|Consideration type||Common stock|
|Purchase price per BSB share||$24|
|Price as multiple of|
|Current earnings estimate||9.49|