NBT Bancorp (NASDAQ:NBTB) and Evans Bancorp (NYSE:EVBN) urge investors to read the updated SEC filings, including the proxy statement/prospectus and any amendments, for a full understanding of the merger proposal.
The SEC filings are available on the respective companies' websites and through the SEC's website at www.sec.gov. With NBT Bancorp currently trading near its 52-week high of $52.30 and analysts setting price targets between $53 and $60, InvestingPro's Fair Value analysis suggests the stock is fairly valued at current levels. For deeper insights, investors can access the comprehensive Pro Research Report, available exclusively to subscribers.
With NBT Bancorp currently trading near its 52-week high of $52.30 and analysts setting price targets between $53 and $60, InvestingPro's Fair Value analysis suggests the stock is fairly valued at current levels. For deeper insights, investors can access the comprehensive Pro Research Report, available exclusively to subscribers.
The supplemental disclosures, filed on Friday, December 13, 2024, with the Securities and Exchange Commission (SEC), address concerns raised by purported Evans shareholders who claim the proxy statement filed by Evans is materially incomplete and misleading. The complaints, filed in early December 2024, allege violations of the Securities Exchange Act of 1934.
NBT Bancorp and Evans Bancorp maintain that the allegations lack merit and that existing disclosures comply with legal requirements. They have denied any legal or fiduciary breaches, emphasizing that the additional information does not imply any obligation or materiality under the law. The supplemental disclosures are intended to prevent litigation from disrupting the merger and do not constitute an admission of any necessary or material disclosures.
NBT Bancorp and Evans Bancorp urge investors to read the updated SEC filings, including the proxy statement/prospectus and any amendments, for a full understanding of the merger proposal. The SEC filings are available on the respective companies' websites and through the SEC's website at www.sec.gov.
With NBT Bancorp currently trading near its 52-week high of $52.30 and analysts setting price targets between $53 and $60, InvestingPro's Fair Value analysis suggests the stock is fairly valued at current levels. For deeper insights, investors can access the comprehensive Pro Research Report, available exclusively to subscribers.
The supplemented materials include additional information on financial advisor Piper Sandler & Co.'s analysis of comparable companies and precedent transactions, as well as the net present value analyses used to evaluate the merger. The updated disclosures also provide detailed calculations of the discount rates for Evans and NBT stocks, alongside revised tables of financial and valuation metrics for peer groups and precedent transactions.
In other recent news, NBT Bancorp reported strong financial growth in its Q3 2024, with a net income of $38.1 million, a significant increase from the previous quarter. The company also announced plans for a merger with Evans Bancorp, expected to extend its market presence into Buffalo and Rochester.
DA Davidson initiated coverage on NBT Bancorp shares with a Neutral rating and a price target of $60.00, highlighting the company's strong fee income and low-risk credit culture. The firm also pointed out that NBT Bancorp is poised to benefit from regional manufacturing growth in upstate New York, which is expected to gain momentum due to in-sourcing trends and the CHIPS Act.
Recent mergers and acquisitions are seen as a strategic move for NBT Bancorp, strengthening its position in the "Chip Corridor". These activities are expected to drive the bank's above-peer earnings per share growth, projected at 15% year-over-year in 2025 and 24% in 2026. NBT Bancorp's financial highlights included a rise in net income by $5.4 million, a record high tangible book value per share of $23.83, and significant growth in commercial and residential lending resulting in total loans increasing by $256 million.
The company declared a quarterly cash dividend of $0.34, up 6.3% year-over-year, and announced its involvement in supporting Micron Technology (NASDAQ:MU)'s upcoming $100 billion project in Clay, NY.
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