NBT Bancorp (NBTB) will acquire Alliance Financial (ALNC) in a deal valued at $233 million.

The merger will combine a pair of bank in upstate New York; NBT is based in Norwich and Alliance is in Syracuse. The all-stock deal values the $1.4 billion-asset Alliance at $48 a share, the companies said in a press release on Monday.

The $6 billion-asset NBT is no stranger to acquisitions. Last year, it agreed to buy Hampshire First Bank in Manchester, N.H. NBT had more than 135 banks at June 30.

"This agreement represents an exciting opportunity for our banks to come together and leverage our shared commitment to our customers and communities, creating an even stronger locally-focused bank to serve central New York and thereby enhance stockholder value," Martin Dietrich, NBT's president and chief executive, said in the release.

Alliance will add 28 branches, $890 in loans and $1.1 billion in deposits. The acquisition should be completed by the second quarter of 2013. Jack Webb, Alliance's chairman, president and CEO, will join NBT's board, along with two other Alliance directors.

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