Mergers and Acquisition Activity

12 Months Ended

Dec. 31, 2011

Mergers and Acquisition Activity [Abstract]

Mergers and Acquisition Activity

(2)  Merger and Acquisition Activity

On May 2, 2011, the Company completed the acquisition of Latremore's Insurance Agency, Inc., then headquartered in Chazy, New York.  As part of the acquisition, the Company acquired approximately $2.1 million of intangible assets, $1.3 million of goodwill, and $0.1 million of fixed assets for a purchase price of $3.5 million, which has been allocated to NBT Holdings for reporting purposes.  The results of operations are included in the consolidated financial statements from the date of acquisition.

Pursuant to a purchase assumption agreement dated July 21, 2011 between the Company, Berkshire Hills Bancorp, Inc., and Legacy Banks, on October 21, 2011, the Company completed the conversion of four Legacy Banks branches to NBT Bank.  The branches are located in Berkshire County, Massachusetts in the towns of Great Barrington, Lee, Pittsfield, and North Adams.  As part of the acquisition, the Company acquired approximately $39.9 million in loans, $144.8 million in deposits, $12.5 million of goodwill, $1.3 million of intangible assets, and $2.8 million of other assets for a purchase price of $8.9 million, which has been allocated to the Bank for reporting purposes.  The results of operations are included in the consolidated financial statements from the date of acquisition.

On October 24, 2011, the Company entered into a definitive agreement with Berkshire Hills Bancorp, Inc. and Legacy Banks to acquire three former Legacy Banks branches in Greene County, NY and deposits and loans of one Legacy Banks branch in Schoharie County, NY.  This acquisition closed on January 21, 2012.

On November 16, 2011, the Company entered into a definitive agreement with Hampshire First pursuant to which Hampshire First will merge with and into NBT's banking subsidiary, NBT Bank, N.A.  This merger is expected to close in the second quarter of 2012.