NBT Bancorp to buy Alliance Financial for $233 mln

Oct 8 (Reuters) - NBT Bancorp Inc said it agreed tobuy Alliance Financial Corporation in a deal valued atabout $233.4 million to expand its footprint in New York.

The deal is valued at $48.24 per share -- a 22 percentpremium to the stock's Friday close.

Alliance shareholders will receive 2.1779 common shares ofNBT for each Alliance share they own.

NBT, which had assets of $6 billion as of June 30, will getan additional $1.4 billion in assets through the deal. Thisincludes $890 million in net loans held for investment, and $1.1billion in deposits.

NBT shares closed at $22.15, while those of Alliance closedat $39.41 on Friday on the Nasdaq.

(Reporting by Ashutosh Pandey in Bangalore; Editing by RoshniMenon)

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