DeWITT, N.Y. — Community Bank System, Inc. (NYSE:CBU) now expects its acquisition of Oneida Financial Corp. (NASDAQ: ONFC) to close in October.
The DeWitt–based banking company announced the new expected closing date in its quarterly earnings news release issued Monday.
Community Bank in February first announced its plan to acquire Oneida Financial for about $142 million in stock and cash, or $20 per share. It originally expected the deal to close in July, but in June it pushed back the closing timeframe to the third or fourth quarter of the year, pending regulatory approvals.
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The boards of directors of both companies have approved the acquisition agreement, Community Bank said.
Community Bank earned $23.8 million, or 58 cents a share, during the second quarter. The figures compare to $23.7 million, or 57 cents per share, during the second quarter of 2014.
The figures included $400,000 of acquisition expenses, or less than one cent per share, the banking company said.
Community Bank generated revenue of nearly $91 million during the second quarter, an increase of $100,000, or 0.1 percent, compared to the prior-year quarter.
The company’s “record” second quarter operating results were driven by “solid” loan growth, particularly business lending; a continuation of “exceptional” credit quality, and “disciplined” expense management,” Mark Tryniski, president and CEO of Community Bank, said in the earnings release.
“After a very slow start to our lending activity in the first quarter of 2015, we were able to realize a strong improvement in our second quarter momentum,” said Tryniski.
Community Bank System operates more than 190 branches across upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A.
The company has assets of about $7.9 billion, and expects to be at about $8.5 billion following the closing of the Oneida Financial deal.
Besides retail and business-banking services, Community Bank offers financial planning, insurance, and wealth-management services.
Contact Reinhardt at ereinhardt@cnybj.com
