NBT exec says $34 million from stock offering will strengthen bank

NORWICH – While other financial institutions across the country were lining up for federal handouts at the end of last year, NBT Bancorp kept their hands in their pockets. Now the Norwich-based financial holding company is reaping the rewards.

In late March, NBT Bancorp was tapped to join the ranks of other “small capital” companies in various industries to be included in Standard & Poor’s Small Cap 600 index. Last week, the bank was able to parlay that announcement into more than $34 million in additional capital with a public offering of 1,576,230 shares of its common stock.

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