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Exhibit 99
News Release
BSB Bancorp, Inc.
58-68 Exchange St.
Binghamton, New York 13901
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For Further Information,
Contact:
Thomas L. Thorn
Acting President & CEO
(607) 779-2584
Website: www.bsbbank.com
BSB BANCORP, INC. TO REPORT LOWER THAN EXPECTED THIRD QUARTER EARNINGS.
ANNOUNCES TERMINATION OF PROPOSED MERGER WITH NBT BANCORP INC.
BINGHAMTON, NY (October 4, 2000) - BSB Bancorp, Inc. (NASDAQ: BSBN), the holding
company for BSB Bank & Trust Company, today announced that it expects to incur
significant provisions for loan losses, exceeding approximately $17.3 million
for the third quarter of 2000. After giving effect to net charge-offs of at
least approximately $9.6 million, BSB expects to have total loan loss reserves
of at least $41.6 million at September 30, 2000, compared to $33.9 million at
June 30, 2000. In addition, total non-accruing loans will increase from $10.5
million at June 30, 2000 to approximately $33.1 at September 30, 2000. BSB
expects that the anticipated loan loss provision, together with incurred merger
expenses of approximately $2.0 million, will result in BSB reporting a net loss
for the third quarter of approximately $1.7 million. The Bank continues to
evaluate the adequacy of the loan loss reserves. Furthermore, because BSB has
not completed closing its books for the third quarter, these results are
preliminary estimates only.
BSB also today announced that it and NBT Bancorp Inc. (NASDAQ: NBTB)
have agreed to terminate their merger agreement. The reciprocal stock option
agreements have also been terminated and no termination fees will be paid by
either party.
BSB Acting President and CEO Thomas L. Thorn said, "We continue to
believe that a strategic transaction is in the best long-term interests of BSB.
However, in light of the recent
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deterioration of certain large credits in the BSB loan portfolio, and the
determination made by the Board today to significantly increase loan loss
reserves, the proposed transaction no longer appears viable."
Commenting on BSB's future, Thorn said, "As we look towards identifying
the right strategic decision for the best long-term interest of our
shareholders, the Board of Directors immediately has commenced a search for a
new permanent president and chief executive officer. We also have determined to
bring in an independent firm to evaluate the Bank's risk management systems. I
am confident that our entire organization will continue to perform at a high
level during this process."
This news release contains statements regarding the projected
performance of BSB Bancorp, Inc. These statements constitute forward-looking
information within the meaning of the Private Securities Litigation Reform Act
of 1995. Actual results may differ materially from the projections discussed in
this release since such projections involve significant risks and uncertainties.
Factors that might cause such differences include, but are not limited to: the
anticipated provision expense being greater than reported, fluctuations in
interest rates, government regulations, and economic conditions and competition
in the geographic and business areas in which BSB conducts its operations. BSB
disclaims any obligation to update any such factors or to publicly announce the
result of any revisions to any of the forward-looking statements included herein
to reflect future events or developments. For additional information regarding
BSB, including a discussion of related risk factors, please refer BSB's public
filings with the Securities and Exchange Commission which are available online
at http://www.sec.gov.
