ITHACA — Shareholders this week approved the planned acquisition of VIST Financial Corp. (NASDAQ: VIST) of Wyomissing, Pa. by Ithaca–based Tompkins Financial Corp. (NYSE Amex: TMP).
VIST shareholders approved the $86 million deal Tuesday and Tompkins shareholders approved it Wednesday. The banking companies announced the acquisition earlier this year.
After closing the deal, Tompkins will have $5 billion in total assets, $3.8 billion in deposits, $2.9 billion in loans, and 67 branches. All necessary regulatory approvals are in place, according to the companies, and the deal should close Aug. 1.
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“As we’ve worked with the team at VIST over the past six months, the strong synergies between the two organizations have become increasingly clear,” Tompkins President and CEO Stephen Romaine said in a news release. “VIST brings a seasoned leadership team, a shared sense of values and is culturally aligned with Tompkins Financial. We look forward to bringing the combined resources of the two companies to serve clients in the attractive Southeast Pennsylvania marketplace.”
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 $3.5 billion.
After closing, VIST will operate as a Tompkins subsidiary with local leadership.
Contact Tampone at ktampone@cnybj.com
