logo
Share SHARE
FONT-SIZE Plus   Neg

Community Bank To Acquire 19 Branches From First Niagara And HSBC - Quick Facts

Community Bank System Inc (CBU) Friday announced that it has entered into purchase and assumption agreements, through its wholly-owned banking subsidiary Community Bank NA, , to acquire 19 branch-banking locations across its core Upstate New York markets from First Niagara Bank, N.A. and HSBC Bank USA, N.A.

The company further noted that the HSBC branches are being sold by First Niagara in connection with its pending acquisition of HSBC's Upstate New York banking franchise.

Under the terms of the agreements, Community Bank will acquire approximately $218 million in loans and $955 million in deposits at a blended deposit premium of 3.22 percent.

Commenting on the acquisition, Mark E Tryniski, President and CEO, said' "We believe this is a very attractive transaction which will be additive to the existing strength of our core markets and which will be additive to shareholder value through expected earnings accretion of 4 percent to 5 percent in 2013."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Fast-food giant Burger King will be adding hot dogs to its menu in the US from February 23. According to Burger King's North American President Alex Macedo, this addition is the most significant menu addition for the burger chain since it added a chicken sandwich in the 1970s. Burger King will... Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a fourth-quarter loss that widened from last year, hurt largely by higher operating costs which offset an increase in revenues. However, shares of the company gained 11 percent after the company detailed a strong delivery target for 2016. Tesla,... Micro-blogging site Twitter Inc. (TWTR), Tuesday reported a smaller loss for the fourth quarter, as revenues surged 48 percent reflecting growth in its advertising business despite a stagnating user growth. The company detailed a weak revenue outlook for the first quarter. Investors are concerned...
comments powered by Disqus
RELATED NEWS
Trade CBU now with 
Follow RTT