NBT BANCORP, EVANS BANCORP MERGE
NBT Bancorp Inc. (Nasdaq: NBTB) announced that it has received regulatory approval to complete the proposed merger with Evans Bancorp, Inc. (NYSE American: EVBN). The Office of the Comptroller of the Currency approved the merger, and NBT received a waiver from the Federal Reserve Bank of New York for any application with respect to the merger, and on December 20, 2024, the shareholders of Evans voted to approve the merger.
On September 9, 2024, NBT and Evans had entered into an agreement and plan of merger in an all-stock transaction, and immediately after, Evans Bank will merge with and into NBT Bank. This merger will bring together two highly respected banking companies and extend NBT’s growing footprint into Western New York. The merger is expected to close in the second quarter of 2025 in conjunction with the system conversion, pending customary closing conditions.
NBT primarily operates through NBT Bank, a full-service community bank, and through two financial services companies. NBT Bank has 155 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut.
CNXN HELIX WINS U.S. NAVY PRIZE CHALLENGE
Connection (Nasdaq: CNXN), an IT solutions provider to business, government, health care and education markets, announced the CNXN Helix Center for Applied AI and Robotics has been awarded a first-place prize as part of the Naval Information Warfare Center (NIWC) Atlantic Palmetto Tech Bridge’s Secure Commercially Based Artificial Intelligence Environment for Real-World Naval Applications prize challenge.
The NIWC Atlantic Palmetto Tech Bridge, in collaboration with the Program Executive Office for Manpower, Logistics and Business Solutions, issued the challenge, seeking generative AI and machine learning solutions that will enable Navy users to use secure AI capabilities in a practical, real-world way.
The winning concept from CNXN Helix demonstrates a secure, pre-configured environment that supports both experimentation and operational use by non-AI/ML experts.
Designed to operate as an air-gapped AI environment, the platform offers a flexible, scalable solution for mission-critical operations. The proposed concept features both custom and commercially available components that utilize industry-standard best practices to ensure data security, isolation, and confidential computing at every layer.
The Secure Commercially-Based AI Environment for Real-World Naval Applications Challenge is part of the U.S. Government’s efforts to recognize outstanding achievements in basic, advanced and applied research, technology development and prototype development.
Connection participated in this prize competition and any additional follow-on acquisition opportunities.
ALLEGRO MICROSYSTEMS LAUNCHES NEW CURRENT SENSOR ICS IN COMPACT PACKAGES
Allegro MicroSystems, Inc. (Nasdaq: ALGM), a power and sensing solutions provider for motion control and energy-efficient systems, announced the launch of two new current sensor ICs — the ACS37030MY and the ACS37220MZ — which provide low internal conductor resistance, high operating bandwidth and reliable performance across a wide range of automotive, industrial and consumer applications.
Allegro’s new current sensor ICs are designed for precise current sensing in a compact and durable package. Featuring a widebody design, the ACS37030MY and ACS37220MZ deliver higher isolation in a 40% smaller footprint compared to the existing 16-pin packages on the market. The new designs also incorporate lower resistance, which helps to reduce power dissipation.
The ACS37030MY is a fully integrated current sensor IC with the industry’s fastest response time for protection of wide bandgap GaN devices. It uses a combination of Hall-effect and inductive coil signal paths to sense current over a wide frequency range. This package offering enables a product which is both five times faster than existing solutions, but also 40% smaller. ACS37030 is also available in a narrow-body package for lower isolation requirements.
The ACS37220MZ fully integrated, Hall-effect current sensor features a 150 kHz bandwidth and fault pin. This device is designed for value-line current sensing applications as a successor to the popular ACS724/5 family of products. The new package of the ACS37220MZ offers a 40% smaller solution size and lower resistance for lower power dissipation.
