As filed with the Securities and Exchange Commission on June 27, 2000
Registration Number 333-XXXXX
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NBT Bancorp Inc.
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(Exact Name of Registrant as Specified in Its Charter)
Delaware
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(State or Other Jurisdiction of Incorporation or Organization)
16-1268674
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(I.R.S. Employer Identification Number)
52 South Broad Street
Norwich, New York 13815
607/337-2265
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(Address, Including Zip Code, and Telephone Number, Including Area Code,
of Registrant's Principal Executive Offices)
Copies to:
Daryl R. Forsythe Brian D. Alprin, Esq.
President and Chief Executive Officer Laurence S. Lese, Esq.
NBT Bancorp Inc. Duane, Morris & Heckscher LLP
52 South Broad Street 1667 K Street, N.W., Suite 700
Norwich, New York 13815 Washington, D.C. 20006-1608
607/337-2265 202/776-7800
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(Name, Address, Including Zip Code,
and Telephone Number, Including
Area Code, of Agent For Service)
Approximate date of commencement of proposed sale to the public: as
soon as practicable after effectiveness of the registration statement.
If the only securities being registered on this form are being offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [ ]
If any of the securities being registered on this form are to be
offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with
dividend or interest reinvestment plans, check the following box. [X]
If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, please check the following box
and list the Securities Act registration statement number of the earlier
effective registration statement for the same offering. [ ]_____________
If this form is a post-effective amendment filed pursuant to Rule
462(c) under the Securities Act, check the following box and list the Securities
Act registration statement number of the earlier effective registration
statement for the same offering. [ ]_____________
If delivery of the prospectus is expected to be made pursuant to Rule
434, please check the following box. [ ]
CALCULATION OF REGISTRATION FEE
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Proposed Maximum
Proposed Maximum Aggregate Offering
Aggregate Price per Price Amount of
Title of Shares to Be Registered Amount to Be Unit(1) Registration Fee(1)
Registered
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common stock, $.01 par value 420,989 $10.5625 $4,446,697 $ 1,174
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(1) Pursuant to Rule 457(c), the registration fee has been determined on
the basis of the average of the high and low prices of NBT common stock
as reported on the Nasdaq National Market on June 26, 2000, a date
within five business days prior to the date of filing the registration
statement.
THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE
OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT
SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION
STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF
THE SECURITIES ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME
EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION 8(A),
MAY DETERMINE.
PROSPECTUS
420,989 SHARES
COMMON STOCK ($.01 PAR VALUE PER SHARE)
NBT BANCORP INC.
This prospectus relates to the offering by a selling stockholder, David
T. Griffith, for resale of 420,989 shares of common stock, $.01 par value per
share of NBT Bancorp Inc., a Delaware corporation. This offering is not being
underwritten. Mr. Griffith will receive the entire proceeds of any sales he is
able to make of the shares, except for brokerage commissions and other costs he
must incur in connection with his sales. We will receive no part of the proceeds
of any sales made by Mr. Griffith. We have not previously registered any of Mr.
Griffith's shares of our common stock prior to the filing of the Registration
Statement of which this prospectus is a part.
Our common stock is quoted on the Nasdaq National Market under the
symbol "NBTB." On June __, 2000, the last reported sale price of our common
stock was $XX.XX per share.
Mr. Griffith may offer the shares for sale from time to time through
broker-dealers on the Nasdaq National Market, or otherwise, at such prices as he
is able to obtain at the time of each sale. Mr. Griffith and any broker
executing selling orders on his behalf may be deemed to be underwriters within
the meaning of the Securities Act of 1933, as amended. See "Plan of
Distribution."
We encourage you to read this prospectus carefully. This prospectus
incorporates important business and financial information about us that is not
included in or delivered with this document. See "Where You Can Find More
Information" on page 2.
NEITHER THE SEC NOR ANY STATE SECURITIES COMMISSION HAS
APPROVED OR DISAPPROVED OF THE NBT SHARES TO BE ISSUED UNDER THIS PROSPECTUS OR
PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO
THE CONTRARY IS A CRIMINAL OFFENSE.
THE SHARES OF NBT COMMON STOCK OFFERED BY THIS PROSPECTUS ARE NOT
SAVINGS ACCOUNTS, DEPOSITS OR OTHER OBLIGATIONS OF ANY BANK OR NON-BANK
SUBSIDIARY OF ANY OF THE PARTIES. THE FDIC OR ANY OTHER GOVERNMENTAL AGENCY DOES
NOT INSURE OR GUARANTEE ANY LOSS TO YOU OF YOUR INVESTMENT VALUE IN THE NBT
COMMON STOCK.
The date of this prospectus is June __, 2000
No person has been authorized to give any information or to make any
representations other than those contained in or incorporated by reference in
this prospectus in connection with the offering made by this prospectus, and, if
given or made, such information or representations must not be relied upon as
having been authorized by us, the selling stockholder or any other person.
Neither the delivery of this prospectus nor any sale made under this prospectus
shall, under any circumstances, create an implication that information in this
prospectus is correct as of any time subsequent to the date of this prospectus
or that there has been no change in our affairs since the date as of which
information is given in this prospectus. This prospectus does not constitute an
offer to sell or a solicitation of an offer to buy any security other than the
securities covered by this prospectus, nor does it constitute an offer to or a
solicitation of any person in any jurisdiction in which such offer or
solicitation may not be lawfully made.
TABLE OF CONTENTS
Where You Can Find More Information ...................................... 2
NBT Bancorp Inc. SEC Filings (SEC File No. 0-14703) ..................... 3
NBT Bancorp Inc .......................................................... 3
Use of Proceeds .......................................................... 5
Price Range of Common Stock and Dividends ................................ 5
Selling Stockholder ...................................................... 6
Plan of Distribution ..................................................... 6
Description of NBT Capital Stock ......................................... 7
Legal Matters ............................................................ 8
Experts .................................................................. 8
Cautionary Statement Regarding Forward-Looking Statements ................ 9
Unaudited Pro Forma Condensed Combined Financial Statements .............. 10
Notes to Unaudited Pro Forma Condensed Combined Financial Statements ..... 17
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and special reports, proxy statements and
other information with the SEC. You may read and copy any reports, statements or
other information we file at the SEC's public reference room at 450 Fifth
Street, N.W., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for
further information on the public reference rooms. Our SEC filings are also
available to the public from commercial document retrieval services and at the
web site maintained by the SEC at {http://www.sec.gov}. In addition, you may
read and copy our SEC filings at the Nasdaq National Market, 1735 K Street,
N.W., Washington, D.C. 20006-1500. Our Internet address is
{www.nbtbank.com}.
We have filed a registration statement on Form S-3 to register with the
SEC our common stock being offered and sold by the selling stockholder, Mr.
Griffith. This prospectus is a part of that registration statement. As allowed
2
by SEC rules, this prospectus does not contain all the information you can find
in the registration statement or the exhibits to the registration statement.
The SEC allows us to "incorporate by reference" information into this
prospectus, which means that we can disclose important information to you by
referring you to another document filed separately with the SEC. The information
incorporated by reference is deemed to be part of this prospectus, except for
any information superseded by information in this prospectus. These documents
contain important information about our company, our finances and our common
stock.
NBT BANCORP INC. SEC FILINGS (SEC FILE NO. 0-14703)
We incorporate by reference the documents listed below and any future
filings that we make with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d)
of the Securities Exchange Act of 1934, as amended, between the date of this
prospectus and the termination date of this offering.
o Annual Report on Form 10-K for the year ended December 31,
1999;
o Quarterly Report on Form 10-Q for the quarter ended March 31,
2000;
o Current Reports on Form 8-K, filed with the SEC on February
22, 2000, March 3, 2000, March 31, 2000, and April 28, 2000;
and
o Our SEC Rule 424(b) final prospectus, dated April 3, 2000,
with respect to the section captioned "Description of NBT
Capital Stock."
On March 31, 2000, we filed a Current Report on Form 8-K with the SEC.
The report contains our supplemental consolidated financial statements as of
December 31, 1999 and 1998 and for each of the years in the three year period
ended December 31, 1999, which have been restated to include the effects of the
Lake Ariel Bancorp, Inc. merger, which was accounted for as a pooling of
interests.
We will provide to each person, including any beneficial owner, to whom
a prospectus is delivered, a copy of any or all of the information that has been
incorporated by reference in the prospectus but not delivered with the
prospectus. We will provide this information upon written or oral request at no
cost to the requester. You may obtain documents incorporated by reference in
this prospectus by requesting them in writing or by telephone from us at the
following address:
NBT Bancorp Inc.
52 South Broad Street
Norwich, New York 13815
Attention: Michael J. Chewens, CPA
Tel: (607) 337-6520
YOU SHOULD RELY ONLY ON THE INFORMATION CONTAINED OR INCORPORATED BY
REFERENCE IN THIS PROSPECTUS IN MAKING YOUR DECISION TO INVEST IN OUR COMPANY
AND STOCK. WE HAVE NOT AUTHORIZED ANYONE TO PROVIDE YOU WITH INFORMATION THAT IS
DIFFERENT FROM WHAT IS CONTAINED IN THIS PROSPECTUS. YOU SHOULD NOT ASSUME THAT
THE INFORMATION CONTAINED IN THIS PROSPECTUS IS ACCURATE AS OF ANY DATE OTHER
THAN SUCH DATE, AND THE USE OF THIS PROSPECTUS SHALL NOT CREATE ANY IMPLICATION
TO THE CONTRARY.
NBT BANCORP INC.
We are a registered bank holding company incorporated in the State of
Delaware and the parent holding company of NBT Bank, N.A. and LA Bank, N.A.,
each a national bank. NBT Bank is a full service commercial bank providing a
broad range of financial products and services in central and northern New York.
On February 17, 2000,
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we completed our acquisition of Lake Ariel Bancorp, Inc., the parent holding
company of LA Bank. Upon completion of the merger, LA Bank became our
wholly-owned subsidiary. LA Bank provides commercial banking products and
services in northeastern Pennsylvania. The following financial information
reflects our merger with Lake Ariel on a pooled basis. In fiscal year ended
December 31, 1999, our net income was $22.2 million. As of December 31, 1999,
our total assets were approximately $2.0 billion, total deposits were
approximately $1.5 billion and stockholders' equity was approximately $159.9
million.
On December 7, 1999, we entered into an agreement with Pioneer American
Holding Company Corp., a registered bank holding company incorporated in the
Commonwealth of Pennsylvania. Pioneer American is the parent holding company of
Pioneer American Bank, National Association, a national bank. Pioneer American
Bank provides commercial banking products and services in northeastern
Pennsylvania. In fiscal year 1999, Pioneer American's net income was $4.1
million. As of December 31, 1999, Pioneer American's total assets were
approximately $418.8 million, total deposits were approximately $299.5 million
and stockholders' equity was approximately $31.6 million. The stockholders of
NBT and Pioneer American will vote upon the merger at their respective
stockholders' meetings on June 20, 2000. We will account for the acquisition of
Pioneer American as a pooling of interests.
On April 20, 2000, we and BSB Bancorp, Inc., a Delaware corporation,
announced that we would merge. Following our merger with BSB, we will be the
surviving corporation. We and BSB will choose a new name for the surviving
corporation before our merger with BSB occurs. The surviving corporation will
have assets of approximately $4.7 billion. The surviving corporation will have
three direct operating subsidiaries including two community banks (the combined
NBT and BSB banks and the combined Lake Ariel and Pioneer American banks) and a
financial services company, NBT Financial Services, Inc. Stockholders of BSB
will receive two shares of our common stock for each share exchanged. We will
issue approximately 20.5 million shares of our common stock to the former
stockholders of BSB upon completion of the merger. Based on the April 19, 2000,
closing price of our common stock on the Nasdaq National Market, the transaction
was valued at $251 million or $24.00 per share for the outstanding common stock
of BSB. The merger with BSB, which our board of directors and that of BSB have
unanimously approved, is subject to approval by each company's stockholders and
by banking regulators. We anticipate the merger will close in the fourth quarter
of 2000. We intend the merger with BSB to be accounted for as a
pooling-of-interests and to qualify as a tax-free exchange for BSB stockholders.
Simultaneous with our merger with BSB, our and BSB's principal banking
subsidiaries, NBT Bank and BSB Bank & Trust Company, will merge, with NBT Bank
being the surviving bank in the bank merger. The surviving bank will be one of
the largest independent community banks in upstate New York. The surviving bank
will serve 12 counties from more than 55 offices and over 100 ATMs. A new name
will be chosen for the surviving bank prior to our merger with BSB.
The surviving corporation will have a 15-seat board of directors which
will be made up of seven directors designated by BSB from the members of its
board of directors and six directors designated by us from the members of our
board, plus one designated by us from the former Lake Ariel Bancorp, Inc., which
we acquired in February 2000, and who is serving on our Board and one designated
by us from Pioneer American who is serving on our Board, subject to the closing
of our merger with Pioneer American. If we do not complete our merger with
Pioneer American before the effective time of the merger with BSB, the board of
directors of the surviving corporation will consist of 13 directors, six of whom
will be designated by BSB, six by us, and one former Lake Ariel board member who
is serving on our Board. This former Lake Ariel board member will be designated
by us. Upon completion of our merger with BSB, our common stockholders will have
ownership of approximately 53 percent of the surviving corporation while BSB's
common stockholders will own approximately 47 percent, assuming consummation of
our merger with Pioneer American.
Daryl R. Forsythe, our president and chief executive officer, will
become the chairman, president and chief executive officer of the surviving
corporation and William C. Craine, chairman of BSB, will become the vice
chairman of the surviving corporation and chairman of its executive committee.
Our Bank's president and chief operating officer, Martin A. Dietrich, will
become the president and chief operating officer of the surviving bank. Michael
J.
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Chewens, our executive vice president and chief financial officer, will serve as
chief financial officer for the surviving corporation. Other members of the
executive management teams at NBT and BSB will retain key roles including: Glenn
R. Small and John R. Bradley, executive vice presidents of lending and Larry
Denniston, senior vice president and corporate secretary.
The corporate offices of the surviving corporation will be located in
Binghamton, New York. Other major bank functions will be conducted from the
surviving corporation's Norwich, Binghamton and Scranton locations following the
merger with BSB.
The address of our principal executive offices is 52 South Broad
Street, Norwich, New York 13815, and our telephone number is (607) 337-2265.
USE OF PROCEEDS
We will not receive any of the proceeds from the sale of the shares by
Mr. Griffith. We will pay all expenses incurred in connection with the
registration of the shares. Mr. Griffith will receive all net proceeds from the
sale of the common stock under this prospectus. Mr. Griffith will pay all
transaction costs associated with effecting any sales of the shares that occur.
PRICE RANGE OF COMMON STOCK AND DIVIDENDS
Our common stock trades on the Nasdaq National Market under the symbol
"NBTB." The following table sets forth for the periods indicated (1) the range
of high and low sales prices of our common stock and (2) the amount of cash
dividends per share declared by us.
SALES PRICES
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HIGH LOW DIVIDENDS
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1998
First Quarter $19.05 $15.99 $ 0.117
Second Quarter 23.48 18.37 0.154
Third Quarter 23.81 17.58 0.154
Fourth Quarter 24.29 19.72 0.162
1999
First Quarter $23.33 $19.89 $ 0.162
Second Quarter 21.19 19.05 0.162
Third Quarter 20.90 16.43 0.162
Fourth Quarter 17.98 14.63 0.170
2000
First Quarter $16.50 $11.38 $0.170
Second Quarter (through
___________, 2000) xx.xx xx.xx 0.170
The timing and amount of future dividends we declare and pay
will depend upon our earnings, cash requirements, and financial condition and
those of our subsidiaries and, following our merger with BSB, the earnings, cash
requirements, and financial condition of the surviving corporation, applicable
government regulations, and other factors deemed relevant by the board of
directors of the surviving corporation. Various federal and state laws limit the
ability of affiliated banks to pay dividends to us.
As of May 31, 2000, we had 4,814 holders of record of our common stock.
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SELLING STOCKHOLDER
The selling stockholder, David T. Griffith, offers for resale by means
of this prospectus some or all of the shares that he acquired from us in May
2000 upon our acquisition of M. Griffith, Inc., a New York corporation. As a
result of the acquisition, M. Griffith, Inc. became a wholly-owned subsidiary of
NBT Financial Services, Inc., our wholly-owned subsidiary. Mr. Griffith was the
sole stockholder of M. Griffith, Inc. In exchange for his shares of M. Griffith,
Inc., we issued to Mr. Griffith and Hoover and Company as escrow agent a total
of 420,989 shares of our common stock, which we refer to in this and the next
section as the "subject shares." The subject shares constitute approximately
2.3% of our issued and outstanding shares as of the date of this prospectus. We
have deposited a portion of the subject shares into an escrow account for the
benefit of us and Mr. Griffith with Herkimer County Trust Company, Herkimer, New
York, subject to an escrow agreement among us, NBT Financial Services, Inc., Mr.
Griffith and Herkimer County Trust Company, dated as of May 5, 2000. In
accordance with the terms of the escrow agreement, the escrow agent may release
from escrow a portion of the escrowed shares to Mr. Griffith over the term of
the escrow agreement only upon fulfillment of certain express employment
conditions by Mr. Griffith. If and when such escrowed shares are released to Mr.
Griffith from escrow, Mr. Griffith may sell any or all of such former escrowed
shares. We will maintain the registered status of the escrowed shares with the
SEC, thereby permitting Mr. Griffith to sell any of the subject shares upon
their release from escrow. We will receive no portion of any proceeds from any
sale of any of the subject shares by Mr. Griffith.
Prior to our acquisition of M. Griffith, Inc., Mr. Griffith had no
relationship or affiliation with us or any of our affiliates. Following the
acquisition, Mr. Griffith entered into a three-year employment agreement with us
as president of our subsidiary, M. Griffith, Inc.
We are registering Mr. Griffith's shares to permit public secondary
trading of the subject shares by Mr. Griffith and to allow Mr. Griffith to offer
the subject shares for resale at such times as he chooses. We cannot give any
estimate as to the number of shares that Mr. Griffith will hold after completion
of this offering because he may offer some or all of the subject shares and
because there currently are no agreements, arrangements or understandings with
respect to the sale of any of the subject shares. Mr. Griffith may offer from
time to time the subject shares held directly by him and those currently held in
escrow but released from escrow to Mr. Griffith in the future.
PLAN OF DISTRIBUTION
We are registering all of the 420,989 subject shares of our common
stock on behalf of Mr. Griffith. We issued the subject shares to Mr. Griffith
and to the escrow agent in connection with our acquisition of M. Griffith, Inc.
under an exemption from the registration requirements of the Securities Act of
1933, provided by Section 4(2) of that statute. We are registering the shares in
accordance with the provisions of our acquisition agreement with M. Griffith,
Inc. Depending on market conditions and other factors, Mr. Griffith may sell
some or all of the subject shares offered by this prospectus from time to time,
in one or more transactions, on the Nasdaq National Market, or otherwise, at
market prices prevailing at the time of sale, at negotiated prices, or at fixed
prices, which may be changed. Mr. Griffith may effect such sales directly, or
through agents, or through dealers. Mr. Griffith may sell some or all of the
subject shares in ordinary broker's transactions or through privately negotiated
transactions or through a combination of any of these methods of sale. In
connection with his sales, Mr. Griffith may pay usual and customary or
specifically negotiated brokerage fees or commissions. Mr. Griffith will act
independently from us in making decisions with respect to the timing, manner and
size of each sale.
The aggregate proceeds to Mr. Griffith from the sale of the subject
shares will be the purchase price of the common stock sold less the aggregate
agents' commissions, if any, and other expenses of issuance and distribution not
borne by us. Mr. Griffith and any dealers or agents that participate in the
distribution of the subject shares may be deemed to be "underwriters" within the
meaning of the Securities Act of 1933. Any profit on the sale of the shares and
any commissions received by any such dealer or agent in effecting sales of Mr.
Griffith's shares may be deemed to be underwriting discounts and commissions
under the Securities Act. There is no underwriter or coordinating broker acting
in connection with the proposed sale of the subject shares by Mr. Griffith.
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Mr. Griffith will sell the subject shares only through registered or
licensed brokers or dealers if required under applicable state securities laws.
Because Mr. Griffith may be deemed to be an underwriter within the meaning of
Section 2(11) under the Securities Act, he will be subject to the prospectus
delivery requirements of the Securities Act. We will make copies of this
prospectus available to Mr. Griffith and have informed him of the need for
delivery of copies of this prospectus to purchasers at or prior to the time of
any sale of the subject shares.
We will bear all costs and expenses, including registration and
accounting fees and the fees, disbursements and expenses of our counsel, in
connection with the registration of the subject shares under the Securities Act.
Mr. Griffith will bear all commissions and discounts, if any, payable with
respect to sales of the subject shares. Mr. Griffith will pay any transaction
costs associated with effecting any sales that occur. Mr. Griffith may agree to
indemnify any broker-dealer or agent that participates in transactions involving
sales of the subject shares against certain liabilities, including liabilities
arising under the Securities Act.
DESCRIPTION OF NBT CAPITAL STOCK
AUTHORIZED CAPITAL STOCK. Our current authorized stock consists of 30,000,000
shares of common stock, $.01 par value per share, and 2,500,000 shares of
preferred stock, $.01 par value per share. No shares of the preferred stock are
outstanding. Our Board is authorized to issue, without further stockholder
approval, preferred stock from time to time in one or more series, and to
determine the provisions applicable to each series, including the number of
shares, dividend rights, dividend rate, conversion rights, voting rights, rights
and terms of redemption, sinking fund provisions, redemption price or prices,
and liquidation preferences. As of May 31, 2000, 18,522,291 shares of our common
stock were outstanding. Additionally, upon completion of our mergers with
Pioneer American and BSB, we anticipate issuing approximately 5.2 million shares
and 20.5 million shares, respectively, to the former stockholders of those
corporations. Prior to completion of our merger with BSB, we will request our
stockholders to amend our Certificate of Incorporation to increase the number of
our authorized shares of common stock so that we will have a sufficient number
of authorized shares to issue in our merger with BSB.
COMMON STOCK. Under Delaware law, stockholders generally are not personally
liable for a corporation's acts or debts. Subject to the preferential rights of
any other shares or series of capital stock, holders of shares of our common
stock are entitled to receive dividends on shares of common stock if, as and
when authorized and declared by our Board out of funds legally available for
dividends and to share ratably in our assets legally available for distribution
to our stockholders in the event of our liquidation, dissolution or winding-up
after payment of, or adequate provision for, all of our known debts and
liabilities.
Each outstanding share of our common stock entitles the holder to one
vote on all matters submitted to a vote of stockholders, including the election
of directors. Unless a larger vote is required by law, our certificate of
incorporation or our bylaws, when a quorum is present at a meeting of
stockholders, a majority of the votes properly cast upon any question other than
the election of directors shall decide the question. A plurality of the votes
properly cast for the election of a person to serve as a director shall elect
such person. Except as otherwise required by law or except as provided with
respect to any other class or series of capital stock, the holders of our common
stock possess the exclusive voting power. There is no cumulative voting in the
election of directors. Our Board is classified into three categories with each
category equal in number. This means, in general, that one-third of the members
of our Board are subject to reelection at each annual meeting of stockholders.
Holders of our common stock have no conversion, sinking fund or
redemption rights, or preemptive rights to subscribe for any of our classes of
stock.
All shares of our common stock have equal dividend, distribution,
liquidation and other rights, and have no preference, appraisal or exchange
rights.
PREFERRED STOCK. Our Board is authorized, without any further vote or action by
our stockholders, to issue shares of preferred stock in one or more series, to
establish the number of shares in each series and to fix the designation,
7
powers, preferences and rights of each such series and the qualifications,
limitations or restrictions of the series, in each case, if any, as are
permitted by Delaware law. Because our Board has the power to establish the
preferences and rights of each class or series of preferred stock, it may afford
the stockholders of any series or class of preferred stock preferences, powers
and rights, voting or otherwise, senior to the rights of holders of shares of
our common stock. The issuance of shares of preferred stock could have the
effect of delaying, deferring or preventing a change in control of our
corporation.
STOCKHOLDER RIGHTS PLAN. In November 1994, we adopted a stockholder rights plan
designed to ensure that any potential acquiror of our corporation would
negotiate with our Board and that all of our stockholders would be treated
equitably in the event of a takeover attempt. At that time, we paid a dividend
of one Preferred Share Purchase Right for each outstanding share of our common
stock. Similar rights are attached to each share of our common stock issued
after November 15, 1994. Under the rights plan, the rights will not be
exercisable until a person or group acquires beneficial ownership of 20 percent
or more of our outstanding common stock, begins a tender or exchange offer for
25 percent or more of our common stock, or an adverse person, as declared by our
Board, acquires 10 percent or more of our common stock. Additionally, until the
occurrence of such an event, the rights are not severable from our common stock
and therefore, the rights will transfer upon the transfer of shares of our
common stock. Upon the occurrence of such events, each right entitles the holder
to purchase one one-hundredth of a share of our Series R Preferred Stock, $.01
par value per share, at a price of $100. The rights plan also provides that upon
the occurrence of certain specified events the holders of rights will be
entitled to acquire additional equity interests in us or in the acquiring
entity, such interests having a market value of two times the right's exercise
price of $100. The rights expire November 14, 2004, and are redeemable in whole,
but not in part, at our option prior to the time they become exercisable, for a
price of $.01 per right. The rights have certain anti-takeover effects. The
rights may cause substantial dilution to a person or group that attempts to
acquire us on terms not approved by our Board. The rights should not interfere
with any merger or other business combination approved by our Board.
REGISTRAR AND TRANSFER AGENT. Our registrar and transfer agent is American Stock
Transfer and Trust Company, New York, New York.
LEGAL MATTERS
The validity of the shares of our common stock offered hereby has been
passed upon by Duane, Morris & Heckscher LLP, Washington, D.C.
EXPERTS
The consolidated financial statements and the supplemental consolidated
financial statements of NBT as of December 31, 1999 and 1998 and for each of the
years in the three-year period ended December 31, 1999 have been incorporated by
reference in this prospectus and registration statement in reliance upon the
reports of KPMG LLP, independent certified public accountants, which are
incorporated herein by reference, and upon the authority of said firm as experts
in accounting and auditing.
The consolidated financial statements of Pioneer American as of
December 31, 1999 and 1998 and for each of the years in the three-year period
ended December 31, 1999, have been incorporated by reference in this prospectus
and registration statement in reliance upon the report of KPMG LLP, independent
certified public accountants, which is incorporated herein by reference, and
upon the authority of said firm as experts in accounting and auditing.
The consolidated financial statements of BSB Bancorp, Inc. as of
December 31, 1999 and 1998 and for each of the years in the three-year period
ended December 31, 1999 have been incorporated by reference in this prospectus
and registration statement in reliance upon the report of PricewaterhouseCoopers
LLP, independent certified public accountants, given on the authority of said
firm as experts in accounting and auditing.
8
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
We have used and incorporated by reference "forward-looking statements"
in this prospectus. Words such as "will," "will permit," "will afford,"
"believes," "expects," "may," "should," "projected," "contemplates," or
"anticipates" may constitute forward-looking statements. These statements are
within the meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934 and are subject to risks and
uncertainties that could cause our actual results to differ materially. We have
used these statements to describe our expectations and estimates in various
sections of this prospectus, including:
o NBT Bancorp Inc.;
o Selling Stockholder;
o Plan of Distribution; and
o Description of NBT Capital Stock.
Factors that might cause such differences include, but are not limited to:
the timing of closing of our proposed mergers being delayed; competitive
pressures among financial institutions increasing significantly; economic
conditions, either nationally or locally in areas in which we and our
prospective merger partners conduct our respective operations, being less
favorable than expected; the cost and effort required to integrate aspects of
the operations of the companies we will acquire being more difficult than we
expected; our expected cost savings from our proposed mergers not being fully
realized or realized within the expected time frame; legislation or regulatory
changes which adversely affect the ability of our company following our proposed
acquisitions to conduct its current and future operations; and the impact of the
transition to the year 2000 on the operations of us or our merger partners. We
disclaim any obligation to update any such factors or to publicly announce the
result of any revisions to any of the forward-looking statements included in
this prospectus to reflect future events or developments. Our actual results
could differ materially from those set forth in the forward-looking statements
because of many reasons, including the risk factors we list above. This list may
not be exhaustive.
9
UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
The following unaudited pro forma condensed combined balance sheet presents the
financial position of NBT Bancorp Inc. (NBT), BSB Bancorp, Inc. (BSB), and
Pioneer American Holding Company Corp. (Pioneer American) as of March 31, 2000
assuming that both mergers had occurred as of March 31, 2000 after giving effect
to certain pro forma adjustments described in the accompanying notes. The
following unaudited pro forma condensed combined statements of income for the
three months ended March 31, 2000 and 1999, and the years ended December 31,
1999, 1998, and 1997 present the combined historical results of operations of
NBT, BSB, and Pioneer American as if the mergers had been completed as of the
first day of the period presented. The historical financial information of NBT
has been restated to include the effects of the merger with Lake Ariel Bancop,
Inc. (Lake Ariel), which was completed on February 17, 2000 and has been
accounted for as a pooling of interests. Pro forma earnings per share are based
on the exchange ratios of 2.0 and 1.805 for the BSB and Pioneer American
mergers, respectively. The fiscal years of NBT, BSB, and Pioneer American end
December 31. The unaudited pro forma condensed combined balance sheet reflects
estimated non-recurring charges that may be incurred in connection with the
mergers.
The unaudited pro forma condensed combined financial statements were prepared
giving effect to the mergers on the pooling of interests accounting method.
Under this method of accounting, the recorded assets, liabilities, stockholders'
equity, income and expense of NBT, BSB, and Pioneer American are combined and
reflected at their historical amounts, except as noted in the accompanying
notes.
The combined company expects to achieve certain merger benefits in the form of
operating expense reductions and revenue enhancements. The unaudited pro forma
condensed combined statements of income do not reflect potential operating
expense reductions or revenue enhancements that are expected to result from the
mergers, and therefore may not be indicative of the results of future
operations. No assurance can be given with respect to the ultimate level of
operating expense reductions or revenue enhancements.
The unaudited pro forma condensed combined financial statements should be read
in conjunction with, and are qualified in their entirety by, the historical
consolidated financial statements and accompanying notes of NBT, BSB, and
Pioneer American and the supplemental consolidated financial statements and
accompanying notes of NBT, which have been restated to include the effects of
the Lake Ariel merger. These supplemental financial statements were included in
Current Report on Form 8-K, dated March 31, 2000 and incorporated by reference
herein. The following historical financial information of Pioneer American and
BSB has been derived from the respective companies' interim consolidated
financial statements as of March 31, 2000 and for the three months ended March
31, 2000 and 1999 which are included in the respective companies Form 10-Q for
the three months ended March 31, 2000 and filed with the SEC, and their
respective consolidated financial statements and accompanying notes as of
December 31, 1999 and 1998 and for each of the years in the three year period
ended December 31, 1999, which were included in the respective companies' Form
10-K for the year ended December 31, 1999. The consolidated financial statements
of BSB and Pioneer American as of December 31, 1999 and 1998 and for each of the
years in the three year period ended December 31, 1999 are incorporated by
reference into this registration statement. The unaudited pro forma condensed
combined financial statements are presented for informational purposes only.
These statements are not necessarily indicative of the combined financial
position and results of operations that would have occurred if the mergers had
been completed on March 31, 2000 or at the beginning of the respective periods
presented or that may be attained in the future.
10
Unaudited Pro Forma Condensed Combined Balance Sheet
March 31, 2000
(in thousands)
NBT
BSB Pioneer American
NBT BSB Pro Forma Combined Holding Pro Forma Combined
Bancorp Inc. Bancorp, Inc. Adjustments Pro Forma Company Corp. Adjustments Pro Forma
------------ ------------- ----------- --------- ---------------- ----------- ---------
ASSETS
Cash and cash equivalents $ 60,823 $ 47,718 $ -- $ 108,541 $ 13,216 $ -- $ 121,757
Securities available for
sale, at fair value 497,528 382,703 -- 880,231 105,239 -- 985,470
Securities held to maturity
(fair value-NBT Bancorp Inc.
$75,808, BSB Bancorp, Inc.
$13,208, and Pioneer
American Holding Company
Corp. $34,560) 78,772 13,079 -- 91,851 35,746 -- 127,597
Loans 1,295,651 1,745,959 3,041,610 245,147 3,286,757
Less: Allowance for loan
losses 17,543 31,705 -- 49,248 3,145 -- 52,393
- -----------------------------------------------------------------------------------------------------------------------------------
Net loans 1,278,108 1,714,254 -- 2,992,362 242,002 -- 3,234,364
Premises and equipment, net 40,292 15,541 -- 55,833 5,910 -- 61,743
Other assets 73,583 57,569 4,500 135,652 13,615 1,300 150,567
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 2,029,106 $ 2,230,864 $ 4,500 $4,264,470 $ 415,728 $ 1,300 $4,681,498
===================================================================================================================================
LIABILITIES AND
STOCKHOLDERS' EQUITY
Deposits:
Demand (noninterest bearing) $ 210,579 $ 139,639 $ -- $ 350,218 $ 45,842 $ -- 396,060
Savings,NOW, and money
market 490,328 653,091 -- 1,143,419 110,880 -- 1,254,299
Time 822,842 1,106,548 -- 1,929,390 143,152 -- 2,072,542
- -----------------------------------------------------------------------------------------------------------------------------------
Total deposits 1,523,749 1,899,278 -- 3,423,027 299,874 -- 3,722,901
Borrowings 327,238 135,982 -- 463,220 79,489 -- 542,709
Other liabilities 15,587 8,588 16,500 40,675 4,272 5,100 50,047
Mandatorily redeemable
preferred securities
of subsidiary -- 30,000 -- 30,000 -- -- 30,000
- -----------------------------------------------------------------------------------------------------------------------------------
Total liabilities 1,866,574 2,073,848 16,500 3,956,922 383,635 5,100 4,345,657
- -----------------------------------------------------------------------------------------------------------------------------------
Stockholders' equity:
Preferred stock -- -- -- -- -- -- --
Common stock 186 114 91 391 2,935 (2,883) 443
Additional paid-in-capital 167,047 37,590 (13,548) 191,089 11,962 1,153 204,204
Retained earnings 24,225 143,481 (12,000) 155,706 22,355 (3,800) 174,261
Accumulated other
comprehensive income (loss) (17,615) (10,712) -- (28,327) (3,429) -- (31,756)
Common stock in treasury,
at cost (11,311) (13,457) 13,457 (11,311) (1,730) 1,730 (11,311)
- -----------------------------------------------------------------------------------------------------------------------------------
Total stockholders' equity 162,532 157,016 (12,000) 307,548 32,093 (3,800) 335,841
- -----------------------------------------------------------------------------------------------------------------------------------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 2,029,106 $ 2,230,864 $ 4,500 $4,264,470 $ 415,728 $ 1,300 $4,681,498
===================================================================================================================================
See accompanying notes to unaudited pro forma condensed combined financial
statements
11
Unaudited Pro Forma Condensed Combined Statement of Income
For the Three Months Ended March 31, 2000
Pioneer NBT
NBT American BSB
BSB Holding Pioneer
NBT BSB Pro Forma Combined Company Pro Forma Combined
Bancorp Inc. Bancorp, Inc. Adjustments Pro Forma Corp. Adjustments Pro Forma
------------ ------------- ----------- --------- ----------- ----------- ----------
Interest and fee income:
Loan $ 27,189 $ 39,593 $ -- $ 66,782 $ 5,048 $ -- $ 71,830
Securities 9,865 6,674 -- 16,539 2,358 -- 18,897
Other 402 13 -- 415 4 -- 419
- --------------------------------------------------------------------------------------------------------------------------------
Total interest and
fee income: 37,456 46,280 -- 83,736 7,410 -- 91,146
- --------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Deposits 13,446 21,319 -- 34,765 2,637 -- 37,402
Borrowings 4,400 2,582 -- 6,982 1,135 -- 8,117
- --------------------------------------------------------------------------------------------------------------------------------
Total interest expense 17,846 23,901 -- 41,747 3,772 -- 45,519
- --------------------------------------------------------------------------------------------------------------------------------
Net interest income 19,610 22,379 -- 41,989 3,638 -- 45,627
Provision for
loan losses 1,334 4,608 -- 5,942 120 -- 6,062
- --------------------------------------------------------------------------------------------------------------------------------
Net interest income
after provision for
loan losses 18,276 17,771 -- 36,047 3,518 -- 39,565
- --------------------------------------------------------------------------------------------------------------------------------
Noninterest income:
Trust 860 331 -- 1,191 -- -- 1,191
Service charges on
deposit accounts 1,620 1,213 -- 2,833 526 -- 3,359
Net security gains
(losses) - - -- -- -- -- --
Other 1,135 1,817 -- 2,952 195 -- 3,147
- --------------------------------------------------------------------------------------------------------------------------------
Total noninterest
income 3,615 3,361 -- 6,976 721 -- 7,697
- --------------------------------------------------------------------------------------------------------------------------------
Noninterest expense:
Salaries and
employee benefits 7,081 5,899 -- 12,980 1,322 -- 14,302
Office supplies
and postage 592 393 -- 985 119 -- 1,104
Occupancy 1,232 727 -- 1,959 269 -- 2,228
Equipment 1,137 442 -- 1,579 225 -- 1,804
Professional fees
and outside
services 756 1,479 -- 2,235 240 -- 2,475
Data processing
and communications 1,132 416 -- 1,548 96 -- 1,644
Amortization of
intangible assets 312 96 -- 408 10 -- 418
Merger and
acquisition charges 1,122 -- -- 1,122 -- -- 1,122
Other operating 1,619 2,261 -- 3,880 494 -- 4,374
- --------------------------------------------------------------------------------------------------------------------------------
Total noninterest
expense 14,983 11,713 -- 26,696 2,775 -- 29,471
- --------------------------------------------------------------------------------------------------------------------------------
Income before income
taxes 6,908 9,419 -- 16,327 1,464 -- 17,791
Income taxes 2,667 3,671 -- 6,338 425 -- 6,763
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Net Income $ 4,241 $ 5,748 $ -- $ 9,989 $ 1,039 $ -- $ 11,028
================================================================================================================================
Weighted Average
Shares Outstanding
Basic 18,028 10,243 38,514 2,864 43,684
Diluted 18,134 10,337 38,808 2,887 44,019
Earnings Per Share
Basic 0.24 0.56 0.26 0.36 0.25
Diluted 0.23 0.56 0.26 0.36 0.25
See accompanying notes to unaudited pro forma condensed combined financial
statements
12
Unaudited Pro Forma Condensed Combined Statement of Income
For the Three Months Ended March 31, 1999
Pioneer NBT
NBT American BSB
BSB Holding Pioneer
NBT BSB Pro Forma Combined Company Pro Forma Combined
Bancorp Inc. Bancorp, Inc. Adjustments Pro Forma Corp. Adjustments Pro Forma
------------ -------------- ------------ ---------- --------- ------------ ----------
Interest and fee income:
Loan $ 22,679 $ 35,463 $ -- $ 58,142 $ 4,812 $ -- $ 62,954
Securities 8,465 6,838 -- 15,303 2,291 -- 17,594
Other 458 204 -- 662 82 -- 744
- ----------------------------------------------------------------------------------------------------------------------------------
Total interest and
fee income: 31,602 42,505 -- 74,107 7,185 -- 81,292
- ----------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Deposits 11,006 17,927 -- 28,933 2,729 -- 31,662
Borrowings 2,878 3,466 -- 6,344 968 -- 7,312
- ----------------------------------------------------------------------------------------------------------------------------------
Total interest
expense 13,884 21,393 -- 35,277 3,697 -- 38,974
- ----------------------------------------------------------------------------------------------------------------------------------
Net interest income 17,718 21,112 -- 38,830 3,488 -- 42,318
Provision for
loan losses 1,120 3,461 -- 4,581 75 -- 4,656
- ----------------------------------------------------------------------------------------------------------------------------------
Net interest income
after provision
for loan losses 16,598 17,651 -- 34,249 3,413 -- 37,662
- ----------------------------------------------------------------------------------------------------------------------------------
Noninterest income:
Trust 835 251 -- 1,086 -- -- 1,086
Service charges on
deposit accounts 1,408 1,000 -- 2,408 517 -- 2,925
Net security gains
(losses) 668 (401) -- 267 -- -- 267
Other 1,365 1,539 -- 2,904 126 -- 3,030
- ----------------------------------------------------------------------------------------------------------------------------------
Total noninterest
income 4,276 2,389 -- 6,665 643 -- 7,308
- ----------------------------------------------------------------------------------------------------------------------------------
Noninterest expense:
Salaries and
employee benefits 5,970 5,081 -- 11,051 1,331 -- 12,382
Office supplies
and postage 637 433 -- 1,070 145 -- 1,215
Occupancy 1,024 773 -- 1,797 285 -- 2,082
Equipment 947 427 -- 1,374 242 -- 1,616
Professional fees
and outside services 697 1,331 -- 2,028 183 -- 2,211
Data processing and
communications 972 490 -- 1,462 118 -- 1,580
Amortization of
intangible assets 329 96 -- 425 10 -- 435
Other operating 1,240 2,533 -- 3,773 559 -- 4,332
- ----------------------------------------------------------------------------------------------------------------------------------
Total noninterest
expense 11,816 11,164 -- 22,980 2,873 -- 25,853
- ----------------------------------------------------------------------------------------------------------------------------------
Income before
income taxes 9,058 8,876 -- 17,934 1,183 -- 19,117
Income taxes 3,282 3,340 -- 6,622 300 -- 6,922
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Net Income $ 5,776 $ 5,536 $ -- $ 11,312 $ 883 $ -- $ 12,195
==================================================================================================================================
Weighted Average
Shares Outstanding
Basic 17,860 10,071 38,002 2,921 43,274
Diluted 18,104 10,341 38,786 2,947 44,105
Earnings Per Share
Basic 0.32 0.55 0.30 0.30 0.28
Diluted 0.32 0.54 0.29 0.30 0.28
See accompanying notes to unaudited pro forma condensed combined financial
statements
13
Unaudited Pro Forma Condensed Combined Statement of Income
For the Year Ended December 31, 1999
Pioneer NBT
NBT American BSB
BSB Holding Pioneer
NBT BSB Pro Forma Combined Company Pro Forma Combined
Bancorp Inc. Bancorp, Inc. Adjustments Pro Forma Corp. Adjustments Pro Forma
------------ ------------- ----------- --------- ---------- ------------ -----------
Interest and fee income:
Loans $ 96,235 $ 151,001 $ -- $ 247,236 $ 19,661 $ -- $ 266,897
Securities 38,166 25,038 -- 63,204 9,491 -- 72,695
Other 988 682 -- 1,670 237 -- 1,907
- --------------------------------------------------------------------------------------------------------------------------------
Total interest
and fee income: 135,389 176,721 -- 312,110 29,389 -- 341,499
- --------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Deposits 46,067 75,542 -- 121,609 10,519 -- 132,128
Borrowings 14,515 14,034 -- 28,549 4,379 -- 32,928
- --------------------------------------------------------------------------------------------------------------------------------
Total interest
expense 60,582 89,576 -- 150,158 14,898 -- 165,056
- --------------------------------------------------------------------------------------------------------------------------------
Net interest
income 74,807 87,145 -- 161,952 14,491 -- 176,443
Provision for
loan losses 5,070 19,137 -- 24,207 370 -- 24,577
- --------------------------------------------------------------------------------------------------------------------------------
Net interest income
after provision
for loan losses 69,737 68,008 -- 137,745 14,121 -- 151,866
- --------------------------------------------------------------------------------------------------------------------------------
Noninterest income:
Trust 3,305 1,104 -- 4,409 -- -- 4,409
Service charges on
deposit accounts 6,303 4,382 -- 10,685 1,635 -- 12,320
Net security
gains (losses) 1,716 (231) -- 1,485 88 -- 1,573
Other 5,097 7,116 -- 12,213 1,108 -- 13,321
- --------------------------------------------------------------------------------------------------------------------------------
Total noninterest
income 16,421 12,371 -- 28,792 2,831 -- 31,623
- --------------------------------------------------------------------------------------------------------------------------------
Noninterest expense:
Salaries and
employee benefits 25,213 20,386 -- 45,599 5,291 -- 50,890
Office supplies
and postage 2,436 1,684 -- 4,120 534 -- 4,654
Occupancy 4,317 2,874 -- 7,191 1,062 -- 8,253
Equipment 4,230 1,733 -- 5,963 990 -- 6,953
Professional fees
and outside services 3,325 6,001 -- 9,326 1,005 -- 10,331
Data processing and
communications 4,091 1,930 -- 6,021 437 -- 6,458
Amortization of
intangible assets 1,278 386 -- 1,664 39 -- 1,703
Merger and
acquisition charges 798 5,408 -- 6,206 -- -- 6,206
Other operating 5,812 10,261 -- 16,073 2,024 -- 18,097
- --------------------------------------------------------------------------------------------------------------------------------
Total noninterest
expense 51,500 50,663 -- 102,163 11,382 -- 113,545
- --------------------------------------------------------------------------------------------------------------------------------
Income before
income taxes 34,658 29,716 -- 64,374 5,570 -- 69,944
Income taxes 12,483 11,491 -- 23,974 1,488 -- 25,462
- --------------------------------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
Net Income $ 22,175 $ 18,225 $ -- $ 40,400 $ 4,082 $ -- $ 44,482
================================================================================================================================
Weighted Average
Shares Outstanding
Basic 17,851 10,138 38,127 2,902 43,365
Diluted 18,095 10,312 38,719 2,929 44,006
Earnings Per
Share
Basic 1.24 1.80 1.06 1.41 1.03
Diluted 1.23 1.77 1.04 1.39 1.01
See accompanying notes to unaudited pro forma condensed combined financial
statements
14
Unaudited Pro Forma Condensed Combined Statement of Income
For the Year Ended December 31, 1998
Pioneer NBT
NBT American BSB
BSB Holding Pioneer
NBT BSB Pro Forma Combined Company Pro Forma Combined
Bancorp Inc. Bancorp, Inc. Adjustments Pro Forma Corp. Adjustments Pro Forma
------------- ------------- ------------ ----------- ---------- ------------- ----------
Interest and fee income:
Loans $ 89,399 $ 139,374 $ -- $ 228,773 $ 19,093 $ -- $ 247,866
Securities 40,370 25,926 -- 66,296 8,729 -- 75,025
Other 531 866 -- 1,397 480 -- 1,877
- -----------------------------------------------------------------------------------------------------------------------------------
Total interest
and fee income: 130,300 166,166 -- 296,466 28,302 -- 324,768
- -----------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Deposits 48,058 72,387 -- 120,445 10,840 -- 131,285
Borrowings 12,359 12,399 -- 24,758 3,479 -- 28,237
- -----------------------------------------------------------------------------------------------------------------------------------
Total interest
expense 60,417 84,786 -- 145,203 14,319 -- 159,522
- -----------------------------------------------------------------------------------------------------------------------------------
Net interest
income 69,883 81,380 -- 151,263 13,983 -- 165,246
Provision for
loan losses 5,729 12,931 -- 18,660 420 -- 19,080
- ----------------------------------------------------------------------------------------------------------------------------------
Net interest
income after
provision for
loan losses 64,154 68,449 -- 132,603 13,563 -- 146,166
- -----------------------------------------------------------------------------------------------------------------------------------
Noninterest income:
Trust 3,115 994 -- 4,109 -- -- 4,109
Service charges
on deposit accounts 5,325 3,714 -- 9,039 1,404 -- 10,443
Net security
gains (losses) 1,056 (851) -- 205 511 -- 716
Other 5,417 4,738 -- 10,155 1,046 -- 11,201
- -----------------------------------------------------------------------------------------------------------------------------------
Total noninterest
income 14,913 8,595 -- 23,508 2,961 -- 26,469
- -----------------------------------------------------------------------------------------------------------------------------------
Noninterest expense:
Salaries and
employee benefits 24,215 19,528 -- 43,743 5,071 -- 48,814
Office supplies
and postage 2,523 1,998 -- 4,521 506 -- 5,027
Occupancy 4,132 2,911 -- 7,043 1,027 -- 8,070
Equipment 3,599 1,466 -- 5,065 773 -- 5,838
Professional fees
and outside
services 3,375 4,086 -- 7,461 1,027 -- 8,488
Data processing
and communications 3,796 2,027 -- 5,823 483 -- 6,306
Amortization of
intangible assets 1,275 386 -- 1,661 39 -- 1,700
Other operating 7,665 9,581 -- 17,246 2,041 -- 19,287
- -----------------------------------------------------------------------------------------------------------------------------------
Total noninterest
expense 50,580 41,983 -- 92,563 10,967 -- 103,530
- -----------------------------------------------------------------------------------------------------------------------------------
Income before
income taxes 28,487 35,061 -- 63,548 5,557 -- 69,105
Income taxes 5,614 13,542 -- 19,156 1,535 -- 20,691
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Net Income $ 22,873 $ 21,519 $ -- $ 44,392 $ 4,022 $ -- $ 48,414
===================================================================================================================================
Weighted Average
Shares Outstanding
Basic 17,976 10,006 37,988 2,894 43,212
Diluted 18,361 10,365 39,091 2,953 44,421
Earnings Per Share
Basic 1.27 2.15 1.17 1.39 1.12
Diluted 1.25 2.08 1.14 1.36 1.09
See accompanying notes to unaudited pro forma condensed combined financial
statements
15
Unaudited Pro Forma Condensed Combined Statement of Income
For the Year Ended December 31, 1997
NBT
NBT Pioneer BSB
BSB American Pioneer
NBT BSB Pro Forma Combined Holding Pro Forma Combined
Bancorp Inc. Bancorp, Inc. Adjustments Pro Forma Company Corp. Adjustments Pro Forma
------------ ------------- ----------- ----------- ------------- ------------ -----------
Interest and
fee income:
Loans $ 81,688 $ 120,750 $ -- $ 202,438 $ 18,101 $ -- $ 220,539
Securities 38,536 20,398 -- 58,934 8,086 -- 67,020
Other 607 200 -- 807 320 -- 1,127
- ----------------------------------------------------------------------------------------------------------------------------------
Total interest
and fee income: 120,831 141,348 -- 262,179 26,507 -- 288,686
- ----------------------------------------------------------------------------------------------------------------------------------
Interest expense:
Deposits 45,629 60,180 -- 105,809 11,337 -- 117,146
Borrowings 10,418 11,272 -- 21,690 1,508 -- 23,198
- ----------------------------------------------------------------------------------------------------------------------------------
Total interest
expense 56,047 71,452 -- 127,499 12,845 -- 140,344
- ----------------------------------------------------------------------------------------------------------------------------------
Net interest
income 64,784 69,896 -- 134,680 13,662 -- 148,342
Provision for
loan losses 4,285 10,814 -- 15,099 535 -- 15,634
- ----------------------------------------------------------------------------------------------------------------------------------
Net interest
income after
provision for
loan losses 60,499 59,082 -- 119,581 13,127 -- 132,708
- ----------------------------------------------------------------------------------------------------------------------------------
Noninterest income:
Trust 2,675 709 -- 3,384 -- -- 3,384
Service charges on
deposit accounts 4,942 3,297 -- 8,239 1,397 -- 9,636
Net security
gains (losses) (123) 380 -- 257 157 -- 414
Other 3,973 3,762 -- 7,735 907 -- 8,642
- ----------------------------------------------------------------------------------------------------------------------------------
Total noninterest
income 11,467 8,148 -- 19,615 2,461 -- 22,076
- ----------------------------------------------------------------------------------------------------------------------------------
Noninterest expense:
Salaries and
employee benefits 22,111 17,121 -- 39,232 5,040 -- 44,272
Office supplies
and postage 2,250 1,886 -- 4,136 507 -- 4,643
Occupancy 3,754 2,547 -- 6,301 1,026 -- 7,327
Equipment 2,632 1,378 -- 4,010 685 -- 4,695
Professional fees
and outside services 2,485 2,716 -- 5,201 900 -- 6,101
Data processing
and communications 2,966 1,358 -- 4,324 456 -- 4,780
Amortization of
intangible assets 1,505 386 -- 1,891 39 -- 1,930
Other operating 6,677 9,548 -- 16,225 1,427 -- 17,652
- ----------------------------------------------------------------------------------------------------------------------------------
Total noninterest
expense 44,380 36,940 -- 81,320 10,080 -- 91,400
- ----------------------------------------------------------------------------------------------------------------------------------
Income before
income taxes 27,586 30,290 -- 57,876 5,508 -- 63,384
Income taxes 9,406 11,641 -- 21,047 1,500 -- 22,547
- ----------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
Net Income $ 18,180 $ 18,649 $ -- $ 36,829 $ 4,008 $ -- $ 40,837
==================================================================================================================================
Weighted Average
Shares Outstanding
Basic 17,095 9,905 36,905 2,850 42,049
Diluted 17,393 10,258 37,909 2,939 43,214
Earnings Per Share
Basic 1.06 1.88 1.00 1.41 0.97
Diluted 1.05 1.82 0.97 1.36 0.94
See accompanying notes to unaudited pro forma condensed combined financial
statements
16
NOTES TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL STATEMENTS
(1) Pro forma earnings per share have been calculated on the applicable
weighted average number of shares of NBT plus the additional shares of
NBT assumed to be issued in the mergers in exchange for the weighted
average outstanding shares of BSB and Pioneer American for each
applicable period based on the exchange ratios of 2.0 and 1.805,
respectively.
(2) Pro forma entry to retire treasury stock held by BSB (approximately
1,174,216 shares having a par value of $.01 per share):
Common Stock ........................................................ 11,742
Paid in Capital ..................................................... 13,445,258
Treasury Stock .................................................. 13,457,000
BSB common stock issued at March 31, 2000 ........................... 11,430,761
Less treasury stock retired above ................................... (1,174,216)
----------
BSB common stock issued and outstanding at March 31, 2000........... 10,256,545
==========
Pro forma entry to issue 2.0 shares of NBT common stock in exchange for
each share of BSB common stock:
NBT common stock issued at March 31, 2000 .................................. 18,623,435
NBT common stock issued in exchange for BSB common stock after retirement
of BSB's treasury stock (10,256,545 shares of BSB common stock times
conversion ratio of 2.0).................................................... 20,513,090
----------
Combined NBT/BSB pro forma total shares of common stock issued ............. 39,136,525
Par value per share of NBT common stock .................................... $.01
-----------
Combined NBT/BSB pro forma total par value ................................. $391,365
===========
Actual par value of common stock at March 31, 2000:
NBT ........................................................................ $186,234
BSB (after retirement of treasury shares) .................................. 102,566
-----------
Total ...................................................................... $288,800
===========
Required increase in par value ............................................. $102,565
===========
Entry to conform par value of common stock:
Paid in Capital....................................................... 102,565
Common stock...................................................... 102,565
17
Summary of pro forma entries above:
Paid in Capital........................................................ 13,547,823
Common Stock....................................................... 90,823
Treasury Stock..................................................... 13,457,000
(3) Pro forma entry to retire treasury stock held by Pioneer American
(approximately 71,060 shares having a par value of $1.00 per share):
Common Stock....................................................... 71,060
Paid in Capital.................................................... 1,658,739
Treasury Stock................................................. 1,729,799
Pro forma entry to issue 1.805 shares of NBT common stock in exchange
for each share of Pioneer American common stock. The par value of NBT
common stock to be issued is determined as follows:
Combined NBT/BSB pro forma common stock issued at March 31, 2000 (note
1)................................................................. 39,136,525
NBT common stock issued in exchange for Pioneer American common stock
after retirement of Pioneer American treasury stock (2,864,307 shares
of Pioneer American common stock times conversion ratio of 1.805).. 5,170,074
-----------
Combined pro forma total shares of common stock issued............. 44,306,599
Par value per share of common stock................................ $.01
-----------
Combined pro forma total par value................................. $ 443,066
===========
Actual par value of common stock at March 31, 2000:
NBT/BSB combined pro forma (note 1)................................ $ 391,365
Pioneer American (after retirement of treasury shares)............. 2,864,307
---------
Total.............................................................. $ 3,255,672
==========
Required decrease in par value..................................... $ 2,812,606
==========
Entry to conform par value of common stock:
Common stock....................................................... 2,812,606
Paid in Capital................................................. 2,812,606
Summary of pro forma entries above:
Common Stock....................................................... 2,883,666
Paid in Capital................................................ 1,153,867
Treasury Stock................................................. 1,729,799
18
(4) Authorized, issued and outstanding share information is as follows at
March 31, 2000:
- ------------------------------------------------------------------------------------------------------------------------------------
NBT BSB NBT/BSB Pro forma Pioneer American NBT/BSB/
Pioneer American Pro
forma
- ------------------------------------------------------------------------------------------------------------------------------------
PREFERRED
- ------------------------------------------------------------------------------------------------------------------------------------
Authorized 2,500,000 2,500,000 2,500,000 -- 5,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Issued and Outstanding -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
COMMON
- ------------------------------------------------------------------------------------------------------------------------------------
Par value $0.01 $0.01 $0.01 $1.00 $0.01
- ------------------------------------------------------------------------------------------------------------------------------------
Authorized 30,000,000 30,000,000 30,000,000 30,000,000 100,000,000
- ------------------------------------------------------------------------------------------------------------------------------------
Issued 18,623,435 11,430,761 39,136,525 2,935,367 44,306,599
- ------------------------------------------------------------------------------------------------------------------------------------
Outstanding 18,100,868 10,256,545 38,613,958 2,864,307 43,784,032
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
(5) The unaudited pro forma condensed combined balance sheet at March 31,
2000, reflects anticipated non-recurring merger and integration costs
for both the Pioneer American and BSB mergers. Costs related to the
Pioneer American merger are estimated to be in the range of $4.6
million to $5.6 million ($3.3 million to $4.3 million after taxes).
Costs related to the BSB merger are estimated to be in the range of
$16.0 million to $17.0 million ($11.5 million to $12.5 million after
taxes). These estimates include primarily investment banking, legal,
accounting, printing, data processing and system integration costs, and
employee and contract termination costs. Anticipated merger and
integration cost estimates are not included in the unaudited pro forma
condensed combined statements of income for any of the periods
presented.
The pro forma statements do not reflect potential expense reductions or
revenue enhancements expected to be realized subsequent to consummation
of the mergers.
The unaudited pro forma condensed combined balance sheet at March 31,
2000 only reflects merger and integration costs related to the Lake
Ariel merger that were incurred through March 31, 2000. It is
anticipated that there will be an additional $5.0 million of merger and
integration costs incurred in the future in connection with the Lake
Ariel merger. These additional costs are not recognized in the
unaudited pro forma condensed combined balance sheet at March 31, 2000.
The entries to record the anticipated merger and integration costs on
the unaudited pro forma condensed combined balance sheet are as
follows:
BSB
---
Current tax receivable............................................. 4,500,000
Retained earnings.................................................. 12,000,000
Other liabilities.............................................. 16,500,000
Pioneer American
----------------
Current tax receivable............................................. 1,300,000
Retained earnings.................................................. 3,800,000
Other liabilities.............................................. 5,100,000
19
PART II. INFORMATION NOT REQUIRED IN PROSPECTUS
ITEM 14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION.
SEC Registration Fee...................................... $ 1,200
Printing Expenses......................................... 500
Legal Fees and Expenses................................... 10,000
Accounting Fees and Expenses.............................. 15,000
Miscellaneous............................................. 300
------
Total..................................................... $27,000
======
The foregoing amounts are the best estimates of NBT.
ITEM 15. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
NBT's Bylaws provide as follows:
ARTICLE VI. INDEMNIFICATION OF DIRECTORS AND OFFICERS
Section 1. Each person who was or is made a party or is threatened to
be made a party to or is otherwise involved in any action, suit or proceeding,
whether civil, criminal, administrative or investigative (hereinafter a
"proceeding"), by reason of the fact that he or she is or was a director or an
officer of the Corporation or is or was serving at the request of the
Corporation as a director of another corporation or of a partnership, joint
venture, trust or other enterprise, or as a plan fiduciary with respect to an
employee benefit plan (hereinafter an "indemnitee"), whether the basis of such
proceeding is alleged action in an official capacity as a Director, officer, or
plan fiduciary or in any other capacity while serving as a Director, officer or
plan fiduciary, shall be indemnified and held harmless by the Corporation to the
fullest extent authorized by the Delaware General Corporation Law, as the same
exists or may hereafter be amended, against all expense, liability and loss
(including attorneys' fees, judgments, fines, ERISA excise taxes or penalties
and amounts paid in settlement) reasonably incurred or suffered by such
indemnitee in connection therewith; provided, however, that, except as provided
in Section 3 of this Article VI with respect to proceedings to enforce rights to
indemnification, the Corporation shall indemnify any such indemnitee in
connection with a proceeding (or part thereof) initiated by such indemnitee only
if such proceeding (or part thereof) was authorized by the Board of Directors of
the Corporation.
Section 2. The right to indemnification conferred in Section 1 of this
Article VI shall include the right to be paid by the Corporation the expenses
(including attorney's fees) incurred in defending any such proceeding in advance
of its final disposition (hereinafter an "advancement of expenses"); provided,
however, that, if the Delaware General Corporation Law requires, an advancement
of expenses incurred by an indemnitee in his or her capacity as a director or
officer (and not in any other capacity in which service was or is rendered by
such indemnitee, including, without limitation, service to an employee benefit
plan) shall be made only upon delivery to the Corporation of an undertaking
(hereinafter an "undertaking"), by or on behalf of such indemnitee, to repay all
amounts so advanced if it shall ultimately be determined by final judicial
decision from which there is no further right to appeal (hereinafter a "final
adjudication") that such indemnitee is not entitled to be indemnified for such
expenses under this Section 2 or otherwise. The rights to indemnification and to
the advancement of expenses conferred in Sections 1 and 2 of this Article VI
shall be contract rights and such rights shall continue as to an indemnitee who
has ceased to be a Director or officer and shall inure to the benefit of the
indemnitee's heirs, executors and administrators.
Section 3. If a claim under Sections 1 or 2 of this Article VI is not
paid in full by the Corporation within sixty (60) days after a written claim has
been received by the Corporation, except in the case of a claim for an
advancement
II-1
of expenses, in which case the applicable period shall be twenty (20) days, the
indemnitee may at any time thereafter bring suit against the Corporation to
recover the unpaid amount of the claim. If successful in whole or in part in any
such suit, or in a suit brought by the Corporation to recover an advancement of
expenses pursuant to the terms of an undertaking, the indemnitee shall be
entitled to be paid also the expense of prosecuting or defending such suit. In
(i) any suit brought by the indemnitee to enforce a right to indemnification
hereunder (but not in a suit brought by the indemnitee to enforce a right to an
advancement of expenses) it shall be a defense that, and (ii) in any suit
brought by the Corporation to recover an advancement of expenses pursuant to the
terms of an undertaking, the Corporation shall be entitled to recover such
expenses upon a final adjudication that, the indemnitee has not met any
applicable standard for indemnification set forth in the Delaware General
Corporation Law. Neither the failure of the Corporation (including its Board of
Directors, independent legal counsel, or its stockholders) to have made a
determination prior to the commencement of such suit that indemnification of the
indemnitee is proper in the circumstances because the indemnitee has met the
applicable standard of conduct set forth in the Delaware General Corporation
Law, nor an actual determination by the Corporation (including its Board of
Directors, independent legal counsel, or its stockholders) that the indemnitee
has not met such applicable standard of conduct, shall create a presumption that
the indemnitee has not met the applicable standard of conduct or, in the case of
such a suit brought by the indemnitee, be a defense to such suit. In any suit
brought by the indemnitee to enforce a right to indemnification or to an
advancement of expenses hereunder, or brought by the Corporation to recover an
advancement of expenses pursuant to the terms of an undertaking, the burden of
proving that the indemnitee is not entitled to be indemnified, or to such
advancement of expenses, under this Section 15 or otherwise shall be on the
Corporation.
Section 4. The rights to indemnification and to the advancement of
expenses conferred in this Article VI shall not be exclusive of any other right
which any person may have or hereafter acquire under any statute, the
Corporation's Certificate of Incorporation, By-Laws, agreement, vote of
stockholders or disinterested Directors or otherwise.
Section 5. The Corporation may maintain insurance, at its expense, to
protect itself and any Director, officer, employee or agent of the Corporation
or of another corporation, partnership, joint venture, trust or other enterprise
against any expense, liability or loss, whether or not the Corporation would
have the power to indemnify such person against such expense, liability or loss
under the Delaware General Corporation Law.
Section 6. The Corporation may, to the extent authorized from time to
time by the Board of Directors, grant rights to indemnification and to the
advancement of expenses to any employee or agent of the Corporation, or any
person serving at the request of the Corporation as an officer, employee or
agent of another entity, to the fullest extent of the provisions of this Section
with respect to the indemnification and advancement of expenses of Directors and
officers of the Corporation.
ITEM 16. EXHIBITS.
An Exhibit Index, containing a list of all exhibits filed with this
Registration Statement, is included beginning on page II-6.
ITEM 17. UNDERTAKINGS.
The undersigned registrant hereby undertakes as follows:
(1) to file, during any period in which offers or sales are being made,
a post-effective amendment to this registration statement:
(i) to include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933;
II-2
(ii) to reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the registration
statement;
(iii) to include any material information with respect to the
plan of distribution not previously disclosed in the registration statement or
any material change to such information in the registration statement.
(2) that, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.
(3) that, for the purpose of determining any liability under the
Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of securities at that time shall be deemed to be the initial bona fide
offering thereof.
(4) to deliver or cause to be delivered with the prospectus, to each
person to whom the prospectus is sent or given, the latest annual report to
security holders that is incorporated by reference in the prospectus and
furnished pursuant to and meeting the requirements of Rule 14a-3 or Rule 14c-3
under the Securities Exchange Act of 1934; and, where interim financial
information required to be presented by Article 3 of Regulation S-X is not set
forth in the prospectus, to deliver, or cause to be delivered to each person to
whom the prospectus is sent or given, the latest quarterly report that is
specifically incorporated by reference in the prospectus to provide such interim
financial information.
(5) that insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the registrant pursuant to the provisions described under Item 15
above, or otherwise, the registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public policy
as expressed in the Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by
the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action,
suit or proceeding) is asserted by such director, officer or controlling person
in connection with the securities being registered, the registrant will, unless
in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.
(6) to remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the termination of
the offering.
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
registrant has duly caused this registration statement to be signed on its
behalf by the undersigned, thereunto duly authorized, in Norwich, New York on
this 27th day of June, 2000.
NBT Bancorp Inc.
/s/ Daryl R. Forsythe
---------------------
By: Daryl R. Forsythe
President and Chief
Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature
appears below hereby constitutes and appoints Daryl R. Forsythe and Michael J.
Chewens, and each of them, such person's true and lawful attorneys-in-fact and
agents with full power of substitution and resubstitution, for such person and
in such person's name, place and stead, in any and all capacities, to sign any
and all amendments (including post-effective amendments) to this registration
statement, and to file the same, with all exhibits thereto, and all documents in
connection therewith, with the Securities and Exchange Commission, granting unto
each said attorneys-in-fact and agents, full power and authority to do and
perform each and every act and thing requisite and necessary to be done, as
fully to all intents and purposes as such person might or could do in person,
hereby ratifying and confirming all that any said attorneys-in-fact and agents,
or either of them, or any substitute of them, may lawfully do or cause to be
done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
registration statement has been signed by the following persons in the
capacities and on the dates indicated.
SIGNATURE CAPACITY DATE
- --------- -------- ----
/s/ Daryl R. Forsythe President, Chief Executive Officer June 27, 2000
- -------------------------------- and Director (Principal Executive
Daryl R. Forsythe Officer)
/s. Michael J. Chewens Executive Vice President, June 27, 2000
- -------------------------------- Chief Financial Officer, and Treasurer
Michael J. Chewens of NBT and NBT Bank (Principal
Financial and Accounting Officer)
/s/ Everett A. Gilmour Chairman of the Board of Directors June 27, 2000
- --------------------------------
Everett A. Gilmour
/s/ J. Peter Chaplin Director June 27, 2000
- --------------------------------
J. Peter Chaplin
/s/ Peter B. Gregory Director June 27, 2000
- --------------------------------
Peter B. Gregory
/s/ William C. Gumble Director June 27, 2000
- --------------------------------
William C. Gumble
II-4
/s/ Bruce D. Howe Director June 27, 2000
- --------------------------------
Bruce D. Howe
Director _______, 2000
- -------------------------------
Andrew S. Kowalczyk, Jr.
Director _______, 2000
- -------------------------
Dan B. Marshman
/s/ John G. Martines Director June 27, 2000
- --------------------
John G. Martines
Director _______, 2000
- -------------------------
John C. Mitchell
/s/ William L. Owens Director June 27, 2000
- --------------------
William L. Owens
Director _______, 2000
- -------------------------
Paul O. Stillman
II-5
EXHIBIT INDEX
Exhibit
No. Description and Method of Filing
- ------ --------------------------------
5 Opinion of Duane, Morris & Heckscher LLP regarding the
legality of the shares of Common Stock being registered (filed
herewith)
23.1 Consent of KPMG LLP, independent auditors for NBT Bancorp Inc.
(filed herewith)
23.2 Consent of KPMG LLP, independent auditors for Pioneer American
Holding Company Corp. (filed herewith)
23.3 Consent of PricewaterhoseCoopers LLP, independent auditors for
BSB Bancorp, Inc. (filed herewith)
23.4 Consent of Duane, Morris & Heckscher LLP (contained in their
opinion filed as Exhibit 5)
24 Power of Attorney (reference is made to the signature page of
the Registration Statement)
EXHIBIT 5
DUANE, MORRIS & HECKSCHER LLP
1667 K STREET, N.W., SUITE 700
WASHINGTON, D.C. 20006-1608
(202) 776-7800
June 27, 2000
NBT Bancorp Inc.
52 South Broad Street
Norwich, New York 13815
Gentlemen:
We have acted as counsel to NBT Bancorp Inc. ("NBT") in connection with
the registration of 420,989 shares of NBT common stock, $.01 par value per share
("Common Stock"), on behalf of and for the resale by David T. Griffith (the
"Shares"). In this regard, we are also acting as counsel to NBT in connection
with the Registration Statement on Form S-3 (the "Registration Statement") to be
filed by NBT with the Securities and Exchange Commission for the purpose of
registering the Shares under the Securities Act of 1933, as amended. This
opinion is being furnished for the purpose of being filed as an exhibit to the
Registration Statement.
In connection with this opinion, we have examined, among other things:
(1) a copy certified to our satisfaction of the share certificates
issued by NBT to Griffith and to Hoover and Company as escrow
agent for the Shares;
(2) a copy certified to our satisfaction of the Certificate of
Incorporation, as amended, and the bylaws of NBT as in effect
on the date hereof;
(3) copies certified to our satisfaction of resolutions adopted by
the Board of Directors of NBT on March 9, 2000, including
resolutions approving the Registration Statement; and
(4) such other documents, corporate proceedings, and statutes as
we considered necessary to enable us to furnish this opinion.
We have assumed the authenticity of all documents submitted to us as
originals, the genuineness of all signatures, the legal capacity of natural
persons, and the conformity to the originals of all documents submitted to us as
copies. In making our examination of any documents, we have assumed that all
parties other than NBT had the corporate power and authority to enter into and
perform all obligations thereunder and, as to such parties, we have also assumed
the execution and delivery of such documents and the validity and binding effect
and enforceability thereof. We have assumed that the certifications and
representations dated earlier than the date hereof on which we have expressed
reliance herein continue to remain accurate, insofar as material to our
opinions, from such earlier date through the date hereof.
Based upon the foregoing, we are of the opinion that the Shares of NBT
Common Stock have been duly authorized and validly issued and are fully paid and
nonassessable shares of NBT Common Stock.
NBT Bancorp Inc.
June 27, 2000
Page 2
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement and to the reference to us under the caption "Legal
Matters" in the Prospectus forming a part of the Registration Statement.
Very truly yours,
/s/ Duane, Morris & Heckscher LLP
EXHIBIT 23.1
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
NBT Bancorp Inc.:
We consent to incorporation by reference in the registration statement
on Form S-3 of NBT Bancorp Inc. related to the registration of shares on behalf
of and for Mr. David T. Griffith, filed by NBT Bancorp Inc. under the Securities
Act of 1933 of our audit report dated January 21, 2000, with respect to the
consolidated balance sheets of NBT Bancorp Inc. and subsidiary as of December
31, 1999 and 1998, and the related consolidated statements of income,
stockholders' equity, cash flows and comprehensive income for each of the years
in the three-year period ended December 31, 1999 which report appears in the
December 31, 1999 annual report on Form 10-K of NBT Bancorp Inc., incorporated
by reference herein, and to the reference to our firm under the heading
"Experts" in the registration statement referred to above.
We consent to incorporation by reference in the registration statement
on Form S-3 of NBT Bancorp Inc. related to the registration of shares on behalf
of and for Mr. David T. Griffith, filed by NBT Bancorp Inc. under the Securities
Act of 1933 of our audit report dated March 10, 2000, with respect to the
supplemental consolidated balance sheets of NBT Bancorp Inc. and subsidiaries as
of December 31, 1999 and 1998, and the related supplemental consolidated
statements of income, stockholders' equity, cash flows and comprehensive income
for each of the years in the three-year period ended December 31, 1999 which
report appears in the Current Report on Form 8-K dated March 31, 2000, filed by
NBT Bancorp Inc., incorporated by reference herein.
KPMG LLP
Syracuse, New York
June 26, 2000
EXHIBIT 23.2
CONSENT OF INDEPENDENT AUDITORS
The Board of Directors
Pioneer American Holding Company Corp.
We consent to incorporation by reference in the registration statement on Form
S-3 of NBT Bancorp Inc., related to the registration of shares on behalf of and
for Mr. David T. Griffith, filed by NBT Bancorp Inc. under the Securities Act of
1933, of our audit report dated January 21, 2000, relating to the consolidated
balance sheets of Pioneer American Holding Company Corp. and subsidiary as of
December 31, 1999 and 1998, and the related consolidated statements of
operations, changes in stockholders' equity, and cash flows for each of the
years in the three-year period ended December 31, 1999 which report appears in
the December 31, 1999 annual report on Form 10-K of Pioneer American Holding
Company Corp., and to the reference to our firm under the heading "Experts" in
the Prospectus.
/s/ KPMG LLP
KPMG LLP
Philadelphia, Pennsylvania
June 26, 2000
EXHIBIT 23.3
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the registration
statement on Form S-3 of NBT Bancorp Inc., related to the registration of shares
on behalf of and for Mr. David T. Griffith, filed by NBT Bancorp Inc. under the
Securities Act of 1933, of our report dated January 21, 2000, relating to the
financial statements of BSB Bancorp, Inc., which appears in the 1999 Annual
Report to Shareholders which is incorporated by reference in its Annual Report
on Form 10-K for the year ended December 31, 1999. We also consent to the
references to us under the heading "Experts" in such registration statement.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Syracuse, New York
June 26, 2000