NBT Bancorp and Alliance Financial corporation announced on Monday that they have entered into definitive agreement under which Alliance will merge with and into NBT.

The merger is valued at approximately $233.4 million dollars and is expected to close in the second quarter of 2013, subject to customary closing conditions, including receipt of regulatory approvals and approvals by NBT and Alliance stockholders.

NBT is headquartered in Norwich and had assets of $6 billion as of June 30, 2012.

NBT Bank is a nationally-chartered community bank with a network of 135 banking locations in five states, including: New York, Pennsylvania, Vermont, Massachusetts and New Hampshire. Alliance is headquartered in Syracuse and is a nationally-chartered community bank with 28 banking locations in central New York.