NBT BANCORP COMPLETES MERGER WITH EVANS BANCORP
NBT Bancorp Inc. (NASDAQ: NBTB) completed its merger with Evans Bancorp, Inc. on May 2, 2025, expanding NBT Bank’s presence into western New York. The merger adds 18 branches — 14 in Buffalo and 4 in Rochester — bringing NBT Bank’s total to 175 branches across seven states. Over 200 Evans employees and more than 40,000 customers have joined NBT.
Three executives from Evans have assumed leadership positions with NBT Bank: Ken Pawlak as president of the Western Region and Buffalo regional president; Tim Brown as Rochester regional president; and Audrey Meyers as senior territory manager for retail banking.
NBT leadership emphasized the value of these appointments in ensuring continuity and regional expertise.
Additionally, former Evans CEO David J. Nasca will join NBT’s board of directors following the company’s annual stockholders meeting.
ITACONIX PROVIDES UPDATE ON TARIFFS
Itaconix plc (AIM: ITX) (OTCQB: ITXXF), a producer of plant-based specialty polymers based in Stratham, provided an update on recent U.S. trade developments, stating that its 2025 trading outlook remains in line with expectations. Recent U.S. tariff actions are anticipated to slightly raise production costs but positively impact revenues in both the U.S. and Europe. To offset cost pressures, the company is selectively increasing prices and reducing supply chain expenses.
Thanks to strategic inventory investments made in 2024, any tariff-related cost increases will be delayed for several months. Of five raw materials sourced from Asia, only one carries a tariff above 100%, while others face lower or no tariffs. Itaconix expects only modest cost increases as a result.
The company is also benefiting from a favorable Euro-to-dollar exchange rate, helping to maintain European pricing stability. Additionally, U.S. detergent supply shifts — prompted by tariffs on imports from China and Canada — have led to increased customer interest in certain regions. Despite market uncertainties, the board remains confident in sustaining growth and gross profit margins, supported by a strong balance sheet and cash position. The company continues to monitor trade developments, the economy and customer demand closely.
EASTERN BANKSHARES AND HARBORONE BANCORP TO MERGE
Eastern Bankshares, Inc. (Nasdaq: EBC) and HarborOne Bancorp, Inc. (Nasdaq: HONE), have entered into a definitive agreement to merge, in a stock-and-cash transaction valued at approximately $490 million. The merger enhances Eastern’s leadership in Greater Boston and expands its footprint into Rhode Island. HarborOne shareholders can elect to receive either $12 in cash or 0.765 shares of Eastern stock per HarborOne share, subject to a mix that ensures 75–85% of shares receive stock consideration. Based on current assumptions, Eastern expects to issue around 25.2 million shares and pay $99 million in cash.
The merger is financially compelling, expected to deliver 16% earnings per share accretion and achieve tangible book value earnback in 2.8 years, supporting top-quartile profitability. The deal is positioned as a strategic and cultural fit, with shared values and a commitment to customer-centric banking.
Eastern will gain HarborOne’s 30 banking centers and $5.7 billion in assets, while HarborOne Mortgage will add mortgage lending services across New England.
The merger is set to close in Q4 2025, pending regulatory and shareholder approvals. HarborOne’s CEO Joseph Casey and another director will join Eastern’s board. Eastern, with $25 billion in assets, currently holds the top deposit market share in Massachusetts and runs the largest bank-owned investment advisor in the state.
