Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

RELATED NEWS
Trade CBU now with 

Community Bank System Inc (CBU: Quote) 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."

Click here to receive FREE breaking news email alerts for Community Bank System Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Software giant Microsoft Corp. said Thursday after the markets closed that its first quarter profit fell 13% from last year, hurt mainly by integration and restructuring costs even as revenue surged 25% thanks to strong sales of its gadgets and cloud-based products. However, the company's quarterly earnings per share came in above analysts' expectations as did its quarterly revenue. After turning lower over the course of the previous session, stocks showed a substantial move back to the upside during trading on Thursday. The gains more than offset yesterday's loss, extending the recovery from the recent sell-off. Alaska Congressman Don Young, R-Ak., is once again making headlines with comments linking the state's high suicide rate to an increase in government assistance. Young told an audience at a senior center on Wednesday that the suicide problem didn't exist until there was "largesse" from the government.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.