NBT BANCORP INC. AND EVANS BANCORP, INC. ANNOUNCE PARTNERSHIP
NBT Bancorp Inc. (NASDAQ: NBTB) and Evans Bancorp, Inc. (NYSE American: EVBN) have entered into an agreement with Evans merging into NBT, thereby extending NBT’s footprint into western New York.
According to a press release, 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, N.Y. to Portland, Maine, including three locations in New Hampshire.
In the merger agreement, NBT will acquire 100% of the outstanding shares of Evans in exchange for common shares of NBT. The exchange ratio will be fixed at 0.91 NBT shares for each share of Evans, resulting in an aggregate transaction value of approximately $236 million based on NBT’s closing stock price of $46.28 on September 6, 2024. The merger was unanimously approved by the boards of directors of both companies.
David J. Nasca, Evans president and CEO will join the NBT board of directors following the merger, which is expected to close in the second quarter of 2025.
Stephens Inc. served as financial advisor to NBT, and Piper Sandler & Co. served as financial advisor to Evans. Hogan Lovells US LLP served as legal counsel to NBT, Wiggin and Dana LLP served as executive compensation and employee benefits counsel to NBT, and Luse Gorman, PC, served as legal counsel to Evans.
NORTHERN FOREST FUND CLOSES IN ON $30M CAMPAIGN GOAL
The Northern Forest Center — an innovation and investment partner serving the Northern Forest of northern Maine, New Hampshire, Vermont and New York — is closing in on its goal of raising $30 million for the Northern Forest Fund, an integrated capital fund that invests in revitalizing Northern Forest communities.
The Fund supports housing development projects in 10 communities and revitalization efforts across the region to help communities retain and attract residents, including younger people. To complement the housing initiatives, the Fund supports improvements to recreation assets and infrastructure and is expanding the use of innovative regional wood products such as mass timber and wood-fiber insulation.
A recent $1-million investment from the U.S. Endowment for Forestry and Communities propelled the Northern Forest Fund to raise $27.3 million, or 91% to goal. The U.S. Endowment also made a philanthropic contribution of a $150,000 grant. The Center seeks to raise the remaining $2.7 million for the Fund by Dec. 31, 2024.
The Center previously completed two major property initiatives: In Lancaster, NH, the $3.8-million redevelopment of the Parker J. Noyes building, which created six middle-market apartments and commercial space for a local nonprofit and food marketplace; and the Millinocket (Maine) Housing Initiative, which invested more than $1 million to renovate six homes, creating 11 quality rental units from properties that had been severely neglected.
OIL, GAS GIANTS’ ANNUAL REVENUE JUMPED TO OVER $2.5 TRILLION
According to data presented by AltIndex.com, the world’s 10 largest oil and gas companies — Chinese Sinopec and PetroChina, U.S. ExxonMobil, Chevron, Phillips 66, Marathon Petroleum, and Valero, as well as European BP, Shell and TotalEnergies — have grossed over $2.5 trillion in the 12 months leading up to July 2024, or 9% more than in the same period a year before.
The two largest oil and gas producers in China, Sinopec and PetroChina, reported an 18% year-over-year revenue growth, generating $441 billion and $425 billion in revenue, respectively.
U.S.-based ExxonMobil, Chevron, Phillips 66, Marathon Petroleum, and Valero saw an average 6% revenue increase in this period, with Phillips 66 as the leader, increasing by 11.2% year-over-year to $148.8 billion, more than Chevron’s 5.3% or ExxonMobil’s 5.5% growth.
Statistics show that seven out of 10 of the world’s largest oil and gas companies have seen their stock values drop year-to-date, with the U.S. Chevron being the biggest loser. Over the past nine months, the U.S. gas producer lost $28 billion in stock value, twice as much as BP and Shell and five times more than Phillips 66.
Sinopec and PetroChina added around $23 billion to their stock values, but the best-performing gas stock in 2024 is still ExxonMobil. Since the beginning of the year, its stock price increased by 13%, adding over $100 billion to its valuation.
