DeWITT — Community Bank System, Inc. (NYSE: CBU) recently announced that it expects to close on its acquisition of Steuben Trust Corporation on June 12, now that it has received approval from federal and state regulators for the deal that was first announced last fall.
DeWitt–based Community Bank System stated on May 13 that it had received regulatory approvals from its primary regulators, the U.S. Office of the Comptroller of the Currency and the Federal Reserve Bank of New York, necessary to complete the proposed acquisition, which is worth about $100 million. The banking company also received the greenlight for the deal from the New York State Department of Financial Services.
“We are excited to have the approvals from the OCC and the Federal Reserve for our merger with Steuben. Steuben’s and Community Bank’s teams have been focused on integration planning for the merger to insure a seamless transition for our customers. I would like to thank both teams for their efforts during these unprecedented times to continue to provide high quality and responsive financial services to our customers while navigating new measures to protect our employees and customers during the COVID-19 pandemic,” Mark E. Tryniski, president and CEO of Community Bank System, said in a release. “We look forward to being able to provide a larger branch network and the full array of financial services Community Bank has to offer to our new customers in Western New York.”
Community Bank System, parent of Community Bank, N.A., last Oct. 21 announced it had agreed to acquire Hornell–based Steuben Trust Corp. (ticker: SBHO), parent company of Steuben Trust Company, in a stock and cash deal valued at nearly $107 million at the time.
Steuben Trust currently operates 14 branches in six counties in the Southern Tier and Western New York and has total assets of about $560 million. Community Bank currently serves four of the six counties within Steuben’s footprint, and will now gain entry into the other two counties.
Community Bank has more than 230 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts. The banking company has about $11.8 billion in total assets.