Syracuse (WSYR-TV) – Syracuse-based Alliance Financial Corporation announced on Monday that it had been acquired by NBT Bancorp, which is headquartered in Norwich.
Alliance has 28 banks in Central New York. NBT has 137 locations in New York, Vermont, and Massachusetts; as well as other companies in the northeast.
Alliance employs about 330 people, while NBT employs nearly six times as many people. Some layoffs are expected as the two companies consolidate.
Both companies say that regulations are making it difficult for smaller banks to survive.
NBT says it does not plan on closing any Alliance branches. Bank officials say their customers should not expect significant changes.
The companies say the merger will be complete by the second quarter in 2013. Once it’s complete, Alliance Bank locations will become NBT Banks.
Many of the merger's details are still being worked out, including the name of Alliance Bank Stadium in Syracuse.
NBT said it believes the acquisition will enable it to expand in Cortland, Madison, Oneida, Onondaga, and Oswego counties.