CNB Bancorp Announces Plans to Acquire Amsterdam, NY and Speculator, NY Branches of HSBC Bank USA.Business Editors GLOVERSVILLE, N.Y.--(BUSINESS WIRE)--April 20, 2004 CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) Bancorp, Inc. today announced that its subsidiary bank, City National Bank and Trust Company, signed a definitive agreement with HSBC Bank USA HSBC Bank USA, N.A., the United States subsidiary of the HSBC Holdings plc, is a bank with its head office in New York City. History The Hongkong and Shanghai Banking Corporation acquired a 51% shareholding in Marine Midland Bank of New York State, headquartered in , dated April 20, 2004, to acquire HSBC HSBC Hongkong and Shanghai Banking Corporation HSBC Humane Society of Broward County (Florida) HSBC Humane Society of Bay County (Bay County, Michigan) Bank's Amsterdam, NY and Speculator Speculator A person who trades (i.e. derivatives, commodities, bonds, equities or currencies) with a higher-than-average risk, in return for a higher-than-average profit potential. , NY branches. Under the terms of the agreement, City National Bank and Trust Company will assume the deposit liabilities associated with the two branches and acquire loans and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. associated with the branches. At March 31, 2004, there were approximately $46 million in deposits at the HSBC Bank Amsterdam and Speculator, NY branches. Bill Smith, Chairman, President and Chief Executive Officer of CNB Bancorp stated, "The acquisition of these two branches expands CNB Bancorp into the new markets of Amsterdam and Speculator, NY. We are very excited about the prospects of sharing and expanding our philosophy of community banking in these two new markets. We are committed to providing the same level of high quality service to all HSBC customers of the Amsterdam and Speculator branches while preserving the inherent goodwill associated with community banking." "It has been a pleasure to work with CNB Bancorp to secure the future of the Amsterdam and Speculator locations. Because we have so few branches in the immediate area, it was difficult for HSBC to achieve economies of scale," said Allen Naples, Central/Capital Region president of HSBC. "We would like to thank the communities for their support. We know that our customers will be well served by City National Bank and Trust Company, and will enjoy the convenience of their expanded regional network." CNB Bancorp, Inc. is a financial holding company headquartered in Gloversville, NY. The Company operates two subsidiaries: City National Bank and Trust Company, with branch offices in Gloversville, Johnstown, Perth, Northville and Saratoga Springs Saratoga Springs, resort and residential city (1990 pop. 25,001), Saratoga co., E N.Y.; inc. as a village 1826, as a city 1915. Skidmore College is the largest source of employment, but the city also has light manufacturing. , NY, providing a full-range of personal and commercial banking products as well as personal and business trust services; and Hathaway Agency, Inc. which provides general insurance services. The Company dates back to 1887 and has total assets of approximately $396 million. CNB Bancorp, Inc. is traded on the Nasdaq Over-The-Counter Bulletin Board under the symbol CNBI CNBI Communications Network Billing, Inc. . The acquisition, which is expected to be completed in the third quarter of 2004, is subject to approval by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , among other things. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion