Form 4: Evans Bancorp Director Lee C. Wortham Reports Share Disposal Following Merger with NBT Bancorp

Director Lee C. Wortham reports the disposal of Evans Bancorp shares due to the merger with NBT Bancorp, Inc.

Summary

• On May 2, 2025, Director Lee C. Wortham reported a transaction related to the merger between Evans Bancorp Inc. and NBT Bancorp, Inc.
• Wortham disposed of 20,538 shares of Evans Bancorp common stock.
• This disposal was a result of the agreement where each share of Evans Bancorp was converted into the right to receive 0.91 shares of NBT Bancorp common stock.
• The merger agreement was initially dated September 9, 2024.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reports a standard transaction following a previously announced merger. There are no indications of unexpected issues or concerns.

Future Outlook

The document does not contain any forward-looking statements beyond the completion of the merger.

Industry Context

This announcement reflects ongoing consolidation trends within the banking sector, where smaller institutions merge with larger entities to achieve economies of scale and broader market reach.

Comparison to Industry Standards

• Mergers between regional banks are common, with deal terms often involving a share exchange ratio.
• The 0.91 share exchange ratio is within the typical range for such transactions, but the ultimate value depends on the performance of NBT Bancorp's stock post-merger.
• Comparable transactions include the merger of equals between two similar sized banks, or an acquisition of a smaller bank by a larger one.

Stakeholder Impact

• Shareholders of Evans Bancorp will receive shares of NBT Bancorp as a result of the merger.
• The merger may impact employees of both companies due to potential synergies and restructuring.

Key Dates

Keywords

Form 4, Beneficial Ownership, EVBN, Evans Bancorp, NBT Bancorp, Merger, Director, Wortham, Share Disposal