Exhibit 5.1
March 31,
2009
Board of
Directors
NBT
Bancorp Inc.
52 South
Broad Street
Norwich,
New York 13815
Ladies
and Gentlemen:
We are
acting as counsel to NBT Bancorp Inc., a Delaware corporation (the “Company”), in connection with
the proposed public offering of 1,812,664 shares of common stock, par value
$0.01 per share, all of which shares (the “Shares”) are to be sold by the
Company pursuant to a prospectus supplement dated March 26, 2009 and the
accompanying prospectus dated March 24, 2009 (such documents, collectively, the
“Prospectus”) that form
part of the Company’s effective registration statement on Form S-3, as
amended (File No. 333-158197) (the “Registration
Statement”). This opinion letter is furnished to you at your
request to enable you to fulfill the requirements of Item 601(b)(5) of
Regulation S-K, 17 C.F.R. § 229.601(b)(5), in connection with the
Registration Statement.
For
purposes of this opinion letter, we have examined copies of such agreements,
instruments and documents as we have deemed an appropriate basis on which to
render the opinions hereinafter expressed. In our examination of the
aforesaid documents, we have assumed the genuineness of all signatures, the
legal capacity of all natural persons, the accuracy and completeness of all
documents submitted to us, the authenticity of all original documents, and the
conformity to authentic original documents of all documents submitted to us as
copies (including telecopies). As to all matters of fact, we have
relied on the representations and statements of fact made in the documents so
reviewed, and we have not independently established the facts so relied
on. This opinion letter is given, and all statements herein are made,
in the context of the foregoing.
This
opinion letter is based as to matters of law solely on the applicable provisions
of the Delaware General Corporation Law, as amended, as currently in effect. We
express no opinion herein as to any other laws, statutes, ordinances, rules, or
regulations (and in particular, we express no opinion as to any effect that such
other laws, statutes, ordinances, rules, or regulations may have on the opinions
expressed herein). As used herein, the term “Delaware General
Corporation Law, as amended” includes the statutory provisions contained
therein, all applicable provisions of the Delaware Constitution and reported
judicial decisions interpreting these laws.
Based
upon, subject to and limited by the foregoing, we are of the opinion that
following (i) the issuance of the Shares pursuant to the terms of the
Underwriting Agreement dated March 26, 2009, by and between the Company and
Keefe, Bruyette & Woods, Inc., and (ii) receipt by the Company of the
consideration for the Shares specified in the resolutions of the Pricing
Committee of the Board of Directors, the Shares will be validly issued, fully
paid and nonassessable.
This
opinion letter has been prepared for use in connection with the filing by the
Company of a Current Report on Form 8-K relating to the offer and sale of the
Shares, which Form 8-K will be incorporated by reference into the Registration
Statement and Prospectus, and speaks as of the date hereof. We assume
no obligation to advise you of any changes in the foregoing subsequent to the
delivery of this letter.
We hereby
consent to the filing of this opinion letter as Exhibit 5.1 to the
above-described Form 8-K and to the reference to this firm under the caption
“Legal Matters” in the Prospectus. In giving this consent, we do not
thereby admit that we are an “expert” within the meaning of the Securities Act
of 1933, as amended.
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Very
truly yours,
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/s/
HOGAN & HARTSON LLP
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HOGAN
& HARTSON LLP
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