Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RAVEN DAVID E
   2. Issuer Name and Ticker or Trading Symbol
NBT BANCORP INC [NBTB] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & CEO Pennstar
(Last)
(First)
(Middle)
52 SOUTH BROAD STREET		 3. Date of Earliest Transaction (Month/Day/Year)
11/12/2008
(Street)

NORWICH, NY 13815		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
NBT Bancorp Inc. Common Stock 11/12/2008   S   2,731 D $ 25.0458 (1) 19,034 D  
NBT Bancorp Inc. Common Stock               13,075.4379 I 401k
NBT Bancorp Inc. Common Stock               1,565.6567 I NBT Bancorp ESOP

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) $ 17.538             01/01/2004(2) 01/01/2013 NBT Bancorp Inc. Common Stock 18,450   18,450 D  
Non-Qualified Stock Option (right to buy) $ 20.3617             01/15/2009(2) 01/15/2018 NBT Bancorp Inc. Common Stock 17,000   17,000 D  
Non-Qualified Stock Option (right to buy) $ 22.1715             01/01/2005(2) 01/01/2014 NBT Bancorp Inc. Common Stock 15,831   15,831 D  
Non-Qualified Stock Option (right to buy) $ 22.352             01/01/2007(2) 01/01/2016 NBT Bancorp Inc. Common Stock 20,000   20,000 D  
Non-Qualified Stock Option (right to buy) $ 23.1133             01/26/2007(3) 01/26/2015 NBT Bancorp Inc. Common Stock 1,543   1,543 D  
Non-Qualified Stock Option (right to buy) $ 23.2708             01/20/2006(2) 01/20/2015 NBT Bancorp Inc. Common Stock 16,289   16,289 D  
Non-Qualified Stock Option (right to buy) $ 25.762             01/01/2008(2) 01/01/2017 NBT Bancorp Inc. Common Stock 19,000   19,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RAVEN DAVID E
52 SOUTH BROAD STREET
NORWICH, NY 13815		       President & CEO Pennstar  

Signatures

 By: Michael J. Chewens, Power of Attorney For: David E. Raven   11/13/2008
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The sale price is an average of 200 shares sold at $ 25.19, 100 shares sold at $ 25.18, 100 shares sold at $ 25.15, 200 shares sold at $ 25.12, 100 shares sold at $ 25.10, 100 shares sold at 25.09, 100 shares sold at $ 25.08, 100 shares sold at $ 25.03, and 1,731 shares at $ 25.00.
(2) Pursuant to NBT Bancorp Inc. 1993 Stock Option Plan grant vests 40% for first year, 20% annually for following years.
(3) Pursuant to NBT Bancorp Inc. 1993 Stock Option Plan reload grant vests 100% two years after date of its grant.

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