According to " bizjournals.com "NBT Bancorp Inc of Norwich and CNB Bancorp Inc. of Gloversville have received the necessary regulatory approvals for their proposed merger.

The $89 million deal, which was first announced in June, now must be approved by CNB’s shareholders. The company will hold a special meeting on Feb. 8. All CNB shareholders of record as of Dec. 20 will be entitled to vote on the deal. If approved, the banks expect the transaction to close on or about Feb. 10.

Under the terms of the agreement, shareholders of CNB (OTC: CNBI) may elect to receive either $38 in cash or 1.64 shares of NBT common stock (Nasdaq: NBTB) for each share of CNB.

NBT is parent to NBT Bank N.A. CNB is parent to City National Bank & Trust Co. NBT has identified cost savings it expects will make the merger accretive to earnings per share within the first year.

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