News Column

NBT BANCORP INC FILES (8-K) Disclosing Other Events

May 30, 2014

ITEM 8.01 Other Events

NBT Bancorp, Inc. has refinanced approximately $165 million of long term debt consisting of Federal Home Loan Bank (FHLB) advances and other borrowings with new FHLB advances and brokered deposits at lower interest rates. These actions are expected to reduce interest expense in future periods and extend the weighted average life of borrowings. As a result of this refinancing, the Company will incur a before-tax penalty of approximately $17.1 million in the second quarter of 2014, which will substantially offset the before-tax gains from the Company's previously announced sale of its equity interest in Springstone Financial, LLC in April 2014.

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Source: Edgar Glimpses

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