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NBT Bancorp (NBTB) & Salisbury Get Regulatory Nod for Merger
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NBT Bancorp Inc.'s (NBTB - Free Report) merger with Salisbury Bancorp, Inc. has received all regulatory approvals from The Office of the Comptroller of the Currency and the Connecticut State Banking Department. Along with this, NBTB received an application waiver from the Federal Reserve Bank of New York.
The transaction, valued at approximately $204 million, was announced in December 2022 and later Salisbury received its shareholders' nod for the deal on Apr 12, 2023.
With all regulatory approvals received, the all-stock transaction is now expected to close on Aug 11, subject to customary closing conditions. Post this, systems conversion will follow during the weekend and Salisbury bank locations will open as NBT Bank offices from Aug 14, 2023.
At the time of announcing the deal, NBTB expected the transaction to be nearly 9.8% accretive to its first-year GAAP earnings per share on a pro-forma basis and 4.9% per share accretive to cash earnings, excluding the impact of purchase accounting adjustments, including fair value marks to securities and loans and the establishment of a core deposit intangible asset.
After the deal's completion, the holders of Salisbury common stock will have the right to receive 0.7450 shares of NBT common stock, which equates to a value of $35 per Salisbury share.
NBT Bancorp's president and CEO, John H. Watt, Jr., commented, “We are pleased to have received the required approvals that will enable NBT to welcome new customers, employees and shareholders from Salisbury. Through our integration, we will bring together two high-quality community banks and offer Salisbury customers a larger branch network and a broader variety of financial services.”
Over the past three months, shares of NBT Bancorp and Salisbury have lost 3% and 0.3%, respectively, compared with the industry’s decline of 3.2%.
Image Source: Zacks Investment Research
Currently, NBTB and SAL carry a Zacks Rank #5 (Strong Sell) and Zacks Rank #3 (Hold), respectively.
Shore Bancshares, Inc. (SHBI - Free Report) completed the previously announced merger deal with The Community Financial Corporation ("TCFC"). The deal, announced in December 2022, was valued at $254.4 million or $44.71 per share.
Both companies announced the receipt of all the required regulatory approvals in March 2023. Shore Bancshares received its shareholders' nod for the deal last month.
At closure, each share of Community Financial’s common stock was converted in the right to receive 2.3287 shares of SHBI common stock. TCFC shareholders received cash for fractional shares. The existing SHBI shareholders will own 60% of the combined company and the former TCFC shareholders will own the remaining 40%.
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NBT Bancorp (NBTB) & Salisbury Get Regulatory Nod for Merger
NBT Bancorp Inc.'s (NBTB - Free Report) merger with Salisbury Bancorp, Inc. has received all regulatory approvals from The Office of the Comptroller of the Currency and the Connecticut State Banking Department. Along with this, NBTB received an application waiver from the Federal Reserve Bank of New York.
The transaction, valued at approximately $204 million, was announced in December 2022 and later Salisbury received its shareholders' nod for the deal on Apr 12, 2023.
With all regulatory approvals received, the all-stock transaction is now expected to close on Aug 11, subject to customary closing conditions. Post this, systems conversion will follow during the weekend and Salisbury bank locations will open as NBT Bank offices from Aug 14, 2023.
At the time of announcing the deal, NBTB expected the transaction to be nearly 9.8% accretive to its first-year GAAP earnings per share on a pro-forma basis and 4.9% per share accretive to cash earnings, excluding the impact of purchase accounting adjustments, including fair value marks to securities and loans and the establishment of a core deposit intangible asset.
After the deal's completion, the holders of Salisbury common stock will have the right to receive 0.7450 shares of NBT common stock, which equates to a value of $35 per Salisbury share.
NBT Bancorp's president and CEO, John H. Watt, Jr., commented, “We are pleased to have received the required approvals that will enable NBT to welcome new customers, employees and shareholders from Salisbury. Through our integration, we will bring together two high-quality community banks and offer Salisbury customers a larger branch network and a broader variety of financial services.”
Over the past three months, shares of NBT Bancorp and Salisbury have lost 3% and 0.3%, respectively, compared with the industry’s decline of 3.2%.
Image Source: Zacks Investment Research
Currently, NBTB and SAL carry a Zacks Rank #5 (Strong Sell) and Zacks Rank #3 (Hold), respectively.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Inorganic Expansion Effort by Another Bank
Shore Bancshares, Inc. (SHBI - Free Report) completed the previously announced merger deal with The Community Financial Corporation ("TCFC"). The deal, announced in December 2022, was valued at $254.4 million or $44.71 per share.
Both companies announced the receipt of all the required regulatory approvals in March 2023. Shore Bancshares received its shareholders' nod for the deal last month.
At closure, each share of Community Financial’s common stock was converted in the right to receive 2.3287 shares of SHBI common stock. TCFC shareholders received cash for fractional shares. The existing SHBI shareholders will own 60% of the combined company and the former TCFC shareholders will own the remaining 40%.