NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
Michael J. Chewens, CFO
607/337-6520
ATTENTION: FINANCIAL/BUSINESS EDITORS
FOR IMMEDIATE RELEASE: JANUARY 28, 2000
SPECIAL SHAREHOLDER MEETING SET FOR FEBRUARY 17, 2000
NORWICH, NY --- NBT Bancorp Inc. (NASDAQ National Market: NBTB), the
holding company for NBT Bank, N.A., announced today that the Board of Governors
of the Federal Reserve System and the State of Pennsylvania Department of
Banking have all given clearance to NBT to proceed with its proposed merger with
Lake Ariel Bancorp, Inc. (NASDAQ National Market: LABN), the parent company of
LA Bank, N.A.
In addition, the Securities and Exchange Commission has issued an order
of effectiveness to the registration statement of NBT covering the shares of NBT
stock to be issued to shareholders of Lake Ariel in the merger.
NBT has mailed proxy materials to its shareholders detailing the
proposed merger. A special meeting of NBT shareholders is scheduled to be held
on February 17, 2000, at 2:00 p.m. at the Howard Johnson, 75 North Broad Street
in Norwich, New York.
Lake Ariel has also mailed proxy materials to its shareholders
detailing the proposed merger. The Lake Ariel special meeting is scheduled to be
held on February 17, 2000, at 10:00 a.m. at the Holiday Inn - Scranton East, 200
Tique Street in Dunmore, Pennsylvania.
On December 8, 1999, NBT Bancorp Inc. announced the signing of a
definitive agreement of merger with Pioneer American Holding Company Corp.,
parent company of Pioneer American Bank, N.A. The merger is subject to approval
of each company's shareholders and of banking regulators. Pioneer American Bank,
N.A. will ultimately be merged together with LA Bank, with the combined entity
becoming the largest community bank headquartered in northeastern Pennsylvania.
NBT Bank, N.A., the wholly owned subsidiary of NBT Bancorp Inc., is a
full service commercial bank with total assets of approximately $1.4 billion.
The Bank has 36 branches in nine counties in central New York. NBT Bancorp Inc.
and NBT Bank are headquartered in Norwich, NY, where the Bank was formed in
1856.
**** END OF RELEASE ****
