Community Bank System has signed a definitive agreement to acquire Kinderhook Bank Corp, the parent company of National Union Bank of Kinderhook, for nearly $93.4m.
The acquisition is expected to strengthen Community Bank System’s presence in the Capital District of Upstate New York.
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Kinderhook Bank Corp acquisition details
As per the terms of the agreement, Kinderhook Bank Corp shareholders will receive a consideration of $62 in cash against each share.
Kinderhook Bank operates 11 banking offices in upstate New York. The acquisition improves Community Bank System assets by nearly $640m.
Following the completion of the deal, the combined entity will have approximately $11.3bn in assets.
Community Bank System president and CEO Mark Tryniski said: “Our acquisition of Kinderhook Bank Corp. will extend our banking footprint into the attractive Capital District markets which are similar to the other Upstate New York markets in which we successfully compete.
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By GlobalData“Our move to establish a broader and deeper banking presence in this region reflects the relative economic, demographic and geographic attractiveness of the area.”
Kinderhook Bank Corp president and CEO John Balli said: “The shareholders, customers and associates of Kinderhook Bank should benefit from our merger with Community Bank System, a financially strong and effectively managed institution.
“Our customers will continue to receive the highly personalised service they expect, while having access to a greatly expanded set of products and services available from the larger combined organisation with an extensive branch network.”
The Kinderhook Bank Corp acquisition is expected to close in the second quarter of 2019, subject to shareholders approval, regulatory consent and other customary closing conditions.
