ITHACA — Tompkins Financial Corp. (NYSE Amex: TMP) is planning a $30 million stock offering.
The banking company plans to use the proceeds for working capital, possibly including repayment of securities issued by VIST Financial Corp. (NASDAQ: VIST) under the Troubled Asset Relief Program.
Tompkins announced plans Jan. 26 to acquire VIST of Wyomissing, Pa. in an all-stock deal worth about $86 million. The deal is expected to close in the third quarter.
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VIST Financial has $1.4 billion in total assets, $1.2 billion in deposits, and $960 million in loans. It is parent of VIST Bank, VIST Insurance, and VIST Capital Management.
VIST Bank operates as a community bank with 21 branch offices in southeastern Pennsylvania, serving Berks, Montgomery, Philadelphia, Chester, Delaware, and Schuylkill counties.
Tompkins Financial, based in Ithaca, operates 46 offices in the Central, Western, and Hudson Valley regions of New York through three subsidiary banks: Tompkins Trust Co., The Bank of Castile, and Mahopac National Bank. The company also owns insurance and wealth-management subsidiaries and has total assets of more than $3.4 billion.
When the acquisition of VIST Financial is complete, Tompkins Financial will have $4.8 billion in assets, $3.8 billion in deposits, $2.9 billion in loans, and 67 branches.
Contact Tampone at ktampone@cnybj.com
