M&A · Financials · National Commercial Banks
NBT Bancorp Inc to acquire Evans Bancorp Inc
Announced Sep 9, 2024 · Closed May 5, 2025
Deal value$231M
Premium18.3%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$41.81 per share
Transaction
- Acquirer
- NBT Bancorp Inc (NBTB)
- Target
- Evans Bancorp Inc
- Buyer type
- Strategic
- Offer price per share
- $41.81
- Enterprise value
- —
- Status
- Closed May 5, 2025
Deal protections
- Break fee (target pays)
- $8.4M · 3.6%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Stephens
- To the target
- Piper Sandler
Sector context · Financials
- Comparable deals
- 59 in the prior 24 months
- Premium
- 18.3% vs. 33.5% sector median
- EV / Adj. EBITDA
- Sector median 14.9x
- Break fee
- 3.6% vs. 3.3% sector median
Timeline
- AnnouncedSep 9, 2024
- Proxy filedNov 7, 2024
- Definitive proxyNov 7, 2024
- Shareholder voteDec 20, 2024
- ClosedMay 5, 2025
Valuation · fairness opinions
Precedent transactions$19.12$31.81
Precedent transactions$23.50$39.82
Precedent transactions$26.90$49.21
Precedent transactions$33.14$55.48
Offer $41.81
Implied value per Evans Bancorp Inc share by analysis, from Piper Sandler · DCF discount rate 9%–13%.