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FOR IMMEDIATE RELEASE
ATTENTION: FINANCIAL AND BUSINESS EDITORS
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Contact: Florence R. Doller
NBT Bank
607-337-6118
Filed by NBT Bancorp Inc. pursuant
Rule 425 under the Securities Act of 1933.
NBT BANK TO RELOCATE COLDBROOK PLAZA OFFICE
TO NEW SHOPPING CENTER
LAKE PLACID, NY (January 12, 2001) - NBT Bank recently announced plans to
relocate its office in Lake Placid's Coldbrook Plaza to The Outpost at Lake
Placid, a new retail complex currently under construction on Saranac Avenue. The
new location is slated to open early this spring.
The Outpost at Lake Placid will offer 70,000 square feet of retail and
office space including a Price Chopper, NBT Bank and other retail stores. The
complex also includes a health and fitness center that is currently open for
business and has over 1,000 members. According to Developer Joseph Barile of The
Lake Placid Group, "The Outpost at Lake Placid will set a new benchmark for the
quality and appearance of this type of retail space. The buildings in the
complex are being constructed with an Adirondack look that features natural
timbers and stone and is reflective of Lake Placid's unique style."
"We are excited to be a part of this new hub of retail activity in Lake
Placid," stated NBT Bank Vice President and Regional Sales Manager Patricia A.
Garrow. "Our new branch combined with our historic office on Main Street and our
location in Saranac Lake will provide customers with enhanced access to our bank
throughout the area."
NBT Bank's new office will be a freestanding building with a larger teller
and customer service area. Branch Manager Kelly J. Conway commented, "Our
customers will also enjoy our expanded drive-up facility featuring two drive-up
teller lanes and a drive-up ATM." In addition, Conway noted that extended hours
are being planned for the new location.
NBT Bank, N.A., a subsidiary of NBT Bancorp Inc., services communities in
ten Upstate New York counties from 37 locations. NBT Bancorp recently announced
a definitive agreement with First National Bancorp, Inc. (FNB) providing for the
merger of FNB into NBT. The merger agreement also includes the merger of FNB's
subsidiary, The First National Bank of Northern New York, into NBT Bank, N.A.
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The merger, which is subject to NBT's satisfactory completion of due diligence
and approval of the merger by FNB's shareholders and by regulatory authorities,
is expected to close in the second quarter of 2001. A successful merger will
result in the expansion of NBT Bank's presence in the North Country to include
offices in Canton, Massena, Norfolk, Ogdensburg and Potsdam in St. Lawrence
County and an office in Malone in Franklin County. NBT Bank currently has a
total of six offices in the North Country including locations in Lake Placid,
Saranac Lake, Plattsburgh and Ellenburg Depot.
Forward-Looking Statements
This news release contains forward-looking statements. These
forward-looking statements involve risks and uncertainties and are based on the
beliefs and assumptions of the management of NBT Bancorp and its subsidiaries
and on the information available to management at the time that these statements
were made. There are a number of factors, many of which are beyond NBT's
control, that could cause actual conditions, events or results to differ
significantly from those described in the forward-looking statements. Factors
that may cause actual results to differ materially from those contemplated by
such forward-looking statements include, among others, the following
possibilities: (1) regulatory approvals and clearances and other prerequisites
to the merger of NBT and FNB may not be obtained, or may be received outside of
expected time frames; (2) competitive pressures among depository and other
financial institutions may increase significantly; (3) revenues may be lower
than expected; (4) changes in the interest rate environment may reduce interest
margins; (5) general economic conditions, either nationally or regionally, may
be less favorable than expected, resulting in, among other things, a
deterioration in credit quality and/or a reduced demand for credit; (6)
legislative or regulatory changes, including changes in accounting standards,
may adversely affect the businesses in which NBT is engaged; (7) costs or
difficulties related to the integration of the businesses of NBT and its merger
partners may be greater than expected; (8) expected cost savings associated with
recent and pending mergers and acquisitions may not be fully realized or
realized within the expected time frames; (9) deposit attrition, customer loss,
or revenue loss following pending mergers and acquisitions may be greater than
expected; (10) competitors may have greater financial resources and develop
products that enable such competitors to compete more successfully than NBT: and
(11) adverse changes may occur in the securities markets or with respect to
inflation. Forward-looking statements speak only as of the date they are made.
NBT Bancorp does not undertake to update forward-looking statements to reflect
subsequent circumstances or events.
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In conjunction with the proposed merger, NBT will file with the SEC a
registration statement on SEC Form S-4. The registration statement will contain
a proxy statement/prospectus, which will describe the proposed merger of NBT and
FNB and the proposed terms and conditions of the merger. Shareholders of FNB and
other investors are encouraged to read the registration statement and proxy
statement/prospectus because these documents will contain important information
about the merger. After the registration statement is filed with the SEC, it
will be available for free, both on the SEC's web site (www.sec.gov) or by
contacting NBT Bancorp Inc., Attention: Michael J. Chewens, 52 South Broad
Street, Norwich, New York 13815, telephone 607-337-6520.
