Community Bank System, the parent of Community Bank, has completed its merger with Oneida Financial and its banking subsidiaries, The Oneida Savings Bank and State Bank of Chittenango.
In February, Community Bank System agreed to acquire Oneida Financial in a stock-cash deal worth about $142m.
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The deal will help Community Bank System expand its banking network in the Mohawk Valley and Central New York.
Following the merger, Community Bank System will have assets of about $8.5bn and deposits of $6.8bn.
With the completion of the transaction, Oneida Financial former chairman of the Board of Directors and CEO Michael Kallet, and Oneida Financial former president and chief operating officer Eric Stickels have been appointed to the boards of directors of Community Bank System and Community Bank.
Commenting on the deal, Community Bank System president and CEO Mark Tryniski said: "We are excited about the addition of Oneida Savings Bank and OneGroup to our range of retail and business banking services as well as insurance, benefits consulting, and wealth management services.
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By GlobalData"Oneida Savings Bank’s rich tradition of community banking and serving its local communities will continue with Community Bank, N.A. We are committed to our employees and customers and the communities in which they live and work."
