• Natural expansion into attractive related markets with a high-quality partner
• Additional scale in the Combined Connecticut Footprint
• Expansion into the Hudson Valley region in the “Chip Corridor” in upstate New York
• Immediate market reward for Salisbury shareholders and approximately 40% increase in dividend; Strong profit increase for the combined shareholder base
• Benefits of additional scale and operational leverage; Complementary wealth advisory businesses and higher fee-based revenues
• Uniform business models and strong cultural alignment

NORWICH, NY and LAKEVILLE, Conn., December 5, 2022 (GLOBE NEWSWIRE) — NBT Bancorp Inc. (NBT) NBTB and Salisbury Bancorp, Inc. (Salisbury) SAL announced today that they have entered into a definitive agreement whereby Salisbury will merge with and become NBT. The consideration for the merger is 100% equity and is valued at approximately $204 million and is expected to close in the second quarter of 2023, subject to customary closing conditions, including Salisbury shareholder approval and required regulatory approvals. The merger, which was unanimously approved by the boards of directors of both companies, will enable market expansion for both institutions and bring together two high-quality franchise companies with a strong history of serving their customers and communities.

Headquartered in Lakeville, CT, Salisbury is a leading community bank with assets of $1.51 billion, deposits of $1.33 billion and net loans of $1.18 billion as of September 30, 2022. Its principal subsidiary, Salisbury Bank and Trust Company, is a Connecticut-chartered commercial bank with 14 bank branches in northwest Connecticut, the Hudson Valley region of New York and southwest Massachusetts.

Under the terms of the merger agreement, upon the closing of the merger, each outstanding common share of Salisbury will be converted into the right to receive 0.7450 common shares of NBT, equal to $35.00 per Salisbury share, based on NBTs. ..