Deal Expected To Close By June 12
May 14, 2020
Community Bank System, Inc. has received the regulatory approvals from its primary regulators, the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York, necessary to complete the proposed merger with Steuben Trust Corporation, as well as the approval from the New York State Department of Financial Services.
The merger is expected to close on June 12, 2020, subject to customary closing conditions, Community Bank said in an announcement.
Mark E. Tryniski, Community Bank’s president and CEO, said, “Steuben’s and Community Bank’s teams have been focused on integration planning for the Merger to insure a seamless transition for our customers. We look forward to being able to provide a larger branch network and the full array of financial services Community Bank has to offer to our new customers in Western New York.”
On Oct. 21, 2019, Community Bank announced that it had entered into a definitive agreement to acquire Steuben, the parent company of Steuben Trust Company, a New York State chartered bank headquartered in Hornell, New York. Steuben currently operates 14 branch locations in Western New York. The acquisition will extend the Community Bank’s footprint into two new counties in Western New York State and enhance its presence generally in Western New York State.
Community Bank System Inc. operates over 230 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of approximately $11.8 billion, the DeWitt, N.Y. headquartered company is among the country’s 125 largest financial institutions.
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