Syracuse-based Alliance Financial Corporation acquired by NBT Bancorp Inc

Alliance was been acquired by NBT.

Alliance Financial Corporation (Alliance) announced on Monday that is has been acquired by NBT Bancorp Inc. (NBT).

Alliance, headquartered in Syracuse, has 28 banking locations throughout Central New York. NBT is headquartered in Norwich with more than 135 banking locations in New York, Pennsylvania, Massachusetts, Vermont and New Hampshire.

The companies say the merger will expand NBT into Cortland, Madison, Oneida, Onondaga and Oswego counties.

The merger is valued near $233.4 million and will close in the second quarter of 2013, according to the media release.