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NBT Bancorp to buy Alliance Financial for $233 mln

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

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

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

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

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

(Reporting by Ashutosh Pandey in Bangalore; Editing by Roshni Menon)

((ashutosh.pandey@thomsonreuters.com; within U.S.+1 646 223 8780, outside U.S. +91 80 4135 5805; Reuters Messaging: ashutosh.pandey.thomsonreuters.com@reuters.net))

Keywords: ALLIANCEFINANCIAL OFFER/