NORWICH – NBT Bank, Inc.’s presence in central New York will be vastly enhanced with a merger agreement announced Monday with Syracuse-based Alliance Financial Corporation.

NBT Bank President and CEO Martin Dietrich was joined by Alliance President and CEO Jack Webb for a telephone conference regarding the merger yesterday morning. A potential union has been on the table since the beginning of the year, they said. Given new federal restrictions applicable to both banking organizations, the Alliance Bank board of directors unanimously agreed to the merger – as did the NBT board of directors – valued at nearly $233.4 million. According to Webb, the consolidation is a means of growing, becoming more profitable for shareholders, enhancing customer service, and providing more opportunities to current Alliance customers. The merger is expected to be finalized between April and June of next year.

“We believe this is a very unique and special opportunity to bring two strong community bank organizations together,” Dietrich said. He added that “the cultures of these organizations are similar and compatible,” and that the merger will strengthen each bank’s commitment to customers and communities while also enhancing stockholder value.