NBT Bank Expands Into Massachusetts With Branch Deal

NBT Bancorp Inc. of Norwich, N.Y., is expanding into western Massachusetts with a deal to purchase four branches from Legacy Bancorp of Pittsfield, Mass.

Legacy is being a acquired by longtime rival Berkshire Hills Bancorp and had been ordered by the Justice Department to sell the branches as a condition of the merger. The four branches, with roughly $158 million of deposits, are in Great Barrington, Lee, Pittsfield and North Adams.

The $5.5 billion-asset NBT, which has 123 branches in New York, Pennsylvania and Vermont, said it would pay a 6% deposit premium for the branches, the deposits and roughly $45 million of loans. The sale is expected to close by the by Oct. 31.

 

For reprint and licensing requests for this article, click here.
Community banking New York New York
MORE FROM AMERICAN BANKER