Published:
NBT Bancorp Elects to Not Participate in U.S. Treasury TARP Capital Purchase Program
NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) confirmed
today that the company recently received a proposed allocation of funds
under the U.S. Treasury Department's Capital Purchase Program. However, NBT
Bancorp has elected to not take part in the program.
"We are honored that the Treasury and our regulators have chosen NBT
Bancorp as an institution worthy of participation in the Treasury's Capital
Purchase Program under the Troubled Asset Relief Program," said Martin
Dietrich, president and chief executive officer of NBT Bancorp. "Our
company is currently well capitalized and meeting the lending needs of our
customers. Given this and the requirements the program would impose on our
business, we believe that our participation in the program would not be in
the best interests of our shareholders."
NBT Bancorp Inc. is a financial services holding company headquartered in
Norwich, N.Y. The company had assets of $5.3 billion as of September 30,
2008. The company primarily operates through two full-service community
bank divisions and three financial services companies. NBT Bank has 84
offices in upstate New York, and Pennstar Bank has 38 offices in
northeastern Pennsylvania. EPIC Advisors, based in Rochester, N.Y., is a
full-service 401(k) plan recordkeeping firm. The Mang Insurance Agency,
based in Binghamton, N.Y., and the Hathaway Insurance Agency, based in
Gloversville, N.Y., are full-service insurance agencies.
Copyright © 2009, MarketWire
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Daily NewsTags: ,FinancialServices:Insurance, FinancialServices:InvestmentServices and Trading, FinancialServices:PersonalFinance, FinancialServices:RetailBanking, FinancialServices:VentureCapital, Government:National, FinancialServices:CommercialandInvestmentBanking, ,NASDAQ01,NASDAQ01,NY,NORWICH, NY
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