Discover the Latest: NBT Bancorp's Merger Triumph and Dividend Boost – A Promising Outlook for Shareholders
In a major development that is set to reshape the banking landscape, NBT Bancorp Inc. ("NBT") has successfully completed its merger with Salisbury Bancorp, Inc. ("Salisbury") on August 11, 2023. This strategic move has seen the integration of Salisbury into NBT, marking a significant expansion for NBT's operations.
The merger has brought about a notable transformation, adding 13 banking offices to NBT's portfolio in strategically chosen markets. These markets include the northwestern region of Connecticut, the Hudson Valley area of New York, and southwestern Massachusetts. With these new additions, NBT now boasts a network of 153 banking offices across a diverse seven-state region.
NBT's President and CEO, John H. Watt, Jr., expressed his enthusiasm about the merger, emphasizing the rich legacy that Salisbury brings to the table. He shared, "We are honored to build on the relationships Salisbury has cultivated with its customers, communities and shareholders for 175 years." Furthermore, Watt welcomed the new professionals who have joined NBT as a result of this merger, spanning various customer-centric and support roles. The consolidation of the two esteemed community banks positions NBT to provide a seamless transition and foster the growth of the combined entity.
In a strategic move to ensure a seamless transition and capitalize on the strengths of both institutions, Richard J. Cantele, Jr., the former President and CEO of Salisbury, has been appointed to NBT's board of directors. Cantele will also take on a significant role within NBT's Executive Management Team, leveraging his extensive experience to drive the merged entity forward.
Amidst this transformative merger, NBT has yet another exciting announcement. On August 14, 2023, the company's Board of Directors approved an increase in its third-quarter 2023 cash dividend. Shareholders will be pleased to know that the dividend has been raised to $0.32 per share, marking a 6.7% increase from the dividend paid in the previous quarter earlier this year. This decision showcases NBT's commitment to delivering value to its shareholders.
This dividend increase not only marks a positive financial development but also highlights NBT's remarkable consistency in growth. Impressively, this marks the eleventh consecutive year of annual dividend increases for the company, reflecting its dedication to enhancing shareholder returns.
For those invested in NBT, there's more good news. The increased dividend of $0.32 per share is scheduled to be paid on September 15, 2023. Shareholders of record as of September 1, 2023, will be eligible to receive this dividend, reaffirming NBT's commitment to rewarding its investors.
NBT Bancorp Inc.'s successful merger with Salisbury Bancorp Inc. has not only expanded its operational reach but has also paved the way for increased dividends, demonstrating the company's dedication to its shareholders. This strategic move aligns with NBT's mission of delivering value while building upon a rich legacy of community-focused banking.
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