Community Bank System has completed the acquisition of Kinderhook Bank and its banking subsidiary The National Union Bank of Kinderhook.
The acquisition adds 11 branch offices to Community Bank System network, bolstering its presence in the Capital District of Upstate New York.
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In January this year, Community Bank System signed a definitive agreement to acquire Kinderhook Bank for around $93.4m.
Kinderhook’s common stockholders received $62 per share in cash against each Community Bank System share.
With the acquisition now complete, Community Bank System has now more than $11bn in assets and around $9bn in deposits.
Community Bank System president and CEO Mark Tryniski said: “This acquisition has created an exciting opportunity for Community Bank to establish a broader and deeper banking presence in the Capital District to further support our efforts to grow our retail and business banking businesses in the Capital District.
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By GlobalData“We are dedicated to Kinderhook Bank’s customers, and both teams are working to make the transition to Community Bank as seamless as possible.
“We hope that our new customers will enjoy the larger branch network and broad variety of financial services Community Bank and its subsidiaries have to offer.”
Community Bank System operates around 234 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts.
It offers retail, business and municipal banking services across these states. It also provides comprehensive financial planning and wealth management services through separate units.
