Community Bank System has signed a definitive agreement to acquire Steuben Trust in a stock and cash transaction valued around $106.8m.

Under the terms of the acquisition, Steuben Trust shareholders will receive a combination of $12.60 in cash and 0.8054 shares of Community Bank System common stock for each Steuben Trust share they hold.

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Steuben Trust acquisition: Background

Steuben Trust is the holding company for Steuben Trust Company operating with 15 branches in Western New York. The bank offers personal, business, wealth management and insurance services.

As of 30 June 2019, Steuben Trust had $580m in total assets.

The deal is expected to bolster Community Bank’s footprint in the Western New York markets. Following the deal completion, the merged entity will have more than $12bn in assets.

Community Bank System president and CEO Mark Tryniski said: “Our acquisition of Steuben Trust will enhance and extend our banking footprint in Western New York, in markets which we successfully compete in and aspire to continue to grow.

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“Our move to establish a broader and deeper banking presence in this region is reflective of these growth objectives. We are confident that the Steuben Trust franchise will further support our efforts to grow our retail and business banking presence in Western New York.”

The Steuben Trust acquisition is expected to close in the second quarter of next year. The closing is subject to Steuben Trust shareholders’ approval, regulatory nods and customary closing conditions.