Evans/NBT merger signals stronger commitment to growth in the Rochester region

The pending $236 million merger between NBT Bancorp Inc. and Evans Bancorp, Inc. could be a boon for the Rochester region, with leaders of both financial institutions anticipating growth here as a result of the deal.

David Nasca, Evans’ president and CEO with Scott Kingsley, NBT’s president and CEO. (Photo provided by NBT and Evans Bank)

“We see a lot of opportunities in Rochester,” said Scott Kingsley, NBT’s president and CEO, who believes NBT’s resources could “really move the needle” locally.

NBT and Evans announced a definite agreement for the merger last week.

Under the deal, which is expected to be finalized in the second quarter of 2025, Evans will be rebranded as NBT. The merger was unanimously approved by the Boards of Directors of both companies.

Once complete, the bank will have combined assets of roughly $16 million, with the Buffalo/Rochester market that was acquired from Evans becoming the largest MSA in NBT’s geographic footprint.

Bank leaders said the merger will extend NBT’s growing footprint into Western New York.

Kingsley not only sees NBT expanding throughout Monroe County, but he said other areas east of Monroe County — such as eastern Ontario County and into Seneca County — as additional potential locations for NBT branches that could provide retail and commercial banking options.

Kingsley said while NBT has no bank operations in Rochester, it does own Epic Retirement Services on State Street in Rochester.

Evans Bank now has four locations in Monroe County: in Fairport, Irondequoit, Penfield and Perinton and has 38 local employees.

Kingsley, along with the other members of NBT’s executive management team, met in Rochester with the local employees last week.

In a presentation following the merger announcement, NBT leaders said they expect branch offices and retail teams to remain post-merger and significant retention of Evans Bank’s business development team.

While Evans Bank has had commercial clients in the region for more than a decade, it created a physical presence here in 2020 with the roughly $35 million acquisition of Fairport Savings Bank.

The bulk of Evans’ business comes from the Buffalo region, with the Rochester area making up some 8 percent of the bank’s total deposits.

David Nasca, Evans’ president and CEO, approached NBT leaders about a potential merger in March, citing the benefits of such a deal given the challenges for smaller banks.

Nasca has known NBT leaders for some two decades and believes they share similar philosophies and go-to-market strategies.

“I thought it may be an opportunity to hit the gas pedal a bit,” Nasca said of the opportunities for continued growth under NBT.

Kingsley agreed and felt the deal would be a good strategic fit for NBT due to the location of Evans Bank’s branches throughout Western New York.

The combined organization will have the highest deposit market share in upstate New York for any bank with assets under $100 billion and will result in a network of over 170 locations from Buffalo to Portland, Maine.

NBT’s primary subsidiary, NBT Bank, N.A., has 154 locations in seven northeastern states. With 107 of those locations in upstate New York, NBT’s banking franchise currently stretches west to east from Syracuse to the Capital District and north to south from Plattsburgh to Binghamton and the Hudson Valley.

NBT is headquartered in Norwich, Chenango County and reported total assets of $13.50 billion on June 30.

Evans, headquartered in Williamsville, Erie County, had assets of $2.26 billion as of June 30 and 18 locations in the Buffalo and Rochester markets.

Nasca will serve as an ambassador/liaison for NBT’s Western New York region and will join the NBT Board of Directors following the merger.

He believes the merger will result in a better banking experience with more options for customers, noting both banks have shared values and strong reputations in the markets they serve.

“Two great companies are coming together and, together, will be even more powerful,” he said.

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