Norwich, NY (WIBX) - NBT Bankcorp and Alliance Financial Corporation have announced a tentative merger agreement.

The merger is valued at just over $233 million and is expected to close in the second quarter of next year.

NBT is headquartered in Norwich and has over 135 banking locations in five states, including New York.

Alliance Bank, headquartered in Syracuse, has 28 banking locations in central New York.

Following the merger, all Alliance Banks offices will become NBT Banks.