Alliance Financial (ALNC +16.5%) jumps to an all-time high after agreeing to a takeover by NBT Bancorp (NBTB -3%) in a deal valued at ~$233M that combines two upstate New York lenders. ALNC shareholders will receive 2.1779 shares of NBT common stock, or ~$48.24/share based on Friday's close, a 22% premium.
Alliance Financial (ALNC) declares $0.32/share quarterly dividend, 3.2% increase from prior dividend of $0.31. Forward yield 3.52%. For shareholders of record Sep 18. Payable Oct 02. Ex-div date Sep 14. (PR)
Not only is Keefe, Bruyette & Woods forecasting that the banking industry is set to see more banks jump into the M&A market as buyers as opposed to sellers, analysts with the firm are also naming names. Banks looking to catch a premium bid: ALNC, FDEF, OABC, TCBI, HTBK, and CFNL.