Community Bank System completes Kinderhook Bank merger.
BANKING AND CREDIT NEWS-July 16, 2019--Community Bank System completes Kinderhook Bank merger
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Global Banking News - 16 July 2019
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Community Bank System Inc. (NYSE:CBU), the parent company of Community Bank, N.A., has said that it has completed its merger with Kinderhook Bank Corp. (OTCQB: NUBK) and its banking subsidiary, The National Union Bank of Kinderhook.
Community Bank System acquired Kinderhook in an all cash transaction valued at nearly USD93.4m. The transaction will add 11 branch locations across a five county area in the Capital District of Upstate New York. On completion of the transaction, Community Bank System will have over USD11.0bn in assets and over USD9.0bn in deposits.
As per the agreement, Kinderhook's common stockholders are entitled to receive USD62.00 per share in cash for each share of common stock.
Headquartered in DeWitt, New York with assets of nearly USD11.0bn, Community Bank System Inc. operates more than 234 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. The company offers a full range of retail, business, and municipal banking services, as well as financial planning, insurance and wealth management services through its operating subsidiaries - Community Bank Wealth Management Group and OneGroup NY Inc.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||Jul 16, 2019|
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