Community Bank System has received the required regulatory approvals to complete the proposed acquisition of Steuben Trust Corporation.
The bank received the nod from primary regulators such as the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of New York (FRBNY).
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Additionally, it also received approval from the New York State Department of Financial Services (NYSDFS).
Under the terms of the deal, Community Bank will pay $106.8m to acquire Steuben Trust.
Community Bank president and CEO Mark Tryniski said: “Steuben’s and Community Bank’s teams have been focused on integration planning for the merger to ensure a seamless transition for our customers.”
Steuben Trust, a subsidiary of Steuben, is a New York-based chartered bank operating 14 branches in the Western New York.
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By GlobalDataCommunity Bank had first announced the acquisition of Steuben back in October last year.
Through the acquisition, the bank aims to expand its footprint into two new counties in Western New York State.
Tryniski added: “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.”
The deal is expected to be concluded by June this year.
