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Business Beat

June 13, 2012

NBT, Hampshire First Bank merge

NBT Bank N.A. of Norwich and Hampshire First Bank of Manchester, N.H., have merged.

The completion of the merger Friday was announced in a media release issued Monday.

Hampshire First Bank has become a division of NBT Bank, an independent community-based bank. The five banking centers operated by Hampshire First Bank in Manchester, Londonderry, Nashua, Keene and Portsmouth will continue to do business under the Hampshire First name.

Hampshire First's founding President and Chief Executive Officer James Dunphy, who remains with the bank as New Hampshire regional president, said the division will continue to meet the needs of customers and communities in southern New Hampshire. The merger provides access to resources of a larger organization, which means being able to provide expanded services, the release said.

NBT Bank President and CEO Martin Dietrich said NBT has expanded through acquisition and organic growth.

"This is the first time we have had the opportunity to welcome a bank's founding CEO into our ranks," Dietrich said. "We look forward to working with Jim and his team in southern New Hampshire."

NBT Bank offers personal banking, asset management and business services through 137 banking locations in five states, including 97 locations in upstate New York, northwestern Vermont and western Massachusetts. NBT's Pennstar Bank division operates from 35 locations in northeastern Pennsylvania, and Hampshire First Bank division operates five locations.

NBT Bancorp Inc., parent of NBT Bank, had assets of $5.8 billion as of March 31 and is traded on the NASDAQ Global Select Market under the symbol NBTB.

Hampshire First Bank was organized in 2006 as a state-chartered bank and opened its first location in Nashua in November that year.

Sale of dealership pending

General manager Will Tyrell said Tuesday that a purchase of Smith Ford, a dealership in Norwich, by Matthews Auto in Vestal is pending.

No jobs are expected to be lost, Tyrell said, and details of the sale are being finalized. Tyrell said the Norwich dealership is owned by his father, Bill Tyrell.

Smith Ford LLC, a Ford dealer at 175 E. Main St. in Norwich, offers Ford cars, trucks, sport utility vehicles and crossovers at its lot and online.

Otsego County Chamber to welcome executive director

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