Alliance Bank, N.A., the primary
subsidiary of Alliance Financial Corporation ALNC, advised
employees at its headquarters in Syracuse and at its operations center in
Oneida of the anticipated elimination of certain positions that will be made
duplicative upon Alliance's expected merger with NBT Bank, scheduled for March
2013, pending regulatory and shareholder approvals. On October 8, 2012, NBT
Bancorp Inc. and Alliance announced that they entered into a definitive
agreement under which Alliance will merge with and into NBT. Alliance expects
that 42 positions at its headquarters and 56 in its operations center will be
eliminated at the time of closing.
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