DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) says it now expects its $93 million acquisition of Kinderhook Bank Corp. of the Capital District region to close on July 12.
This comes after Kinderhook Bank shareholders on Tuesday voted to approve the deal, with more than 97 percent of the votes, representing more than 85 percent of shares, cast in favor.
Community Bank System says it has also received the regulatory approvals needed to complete the acquisition, including approval from the Office of the Comptroller of the Currency and a waiver from filing an application with the Federal Reserve Bank of New York.
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“We are excited to hear of the strong support by the Kinderhook stockholders for the merger. This approval and the recent regulatory approvals allow us to set a projected closing date of July 12, 2019. Community Bank looks forward to the opportunity to welcome Kinderhook Bank’s customers and employees to our family as we work together to integrate two high-quality banks with long histories of service to their customers and communities,” Mark E. Tryniski, president and CEO of Community Bank System, said in a Wednesday news release.
DeWitt–based Community Bank System, parent of Community Bank, N.A., first announced on Jan. 22 that had agreed to acquire the parent company of National Union Bank of Kinderhook in a cash deal to expand its presence in in the Albany area.
Kinderhook Bank, which was founded in 1853, will bring Community Bank 11 branches across the counties of Albany (3), Columbia (5), Fulton (1), Montgomery (2), and Rensselaer (1). It has total assets of nearly $640 million and deposits of $560 million.
Community Bank System has more than $10.9 billion in assets and over 230 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts. It ranks No. 4 in deposit market share in the 16-county Central New York region, where it has more than 60 branches, according to the latest FDIC statistics.
Contact Rombel at arombel@cnybj.com
BJNN file photo by Adam Rombel
