Community Bank System to buy 19 First Niagara, HSBC branches
Community Bank System has signed purchase and assumption agreements to acquire 19 branch-banking locations from First Niagara Bank and HSBC Bank USA.
As per the terms of the agreements, Community Bank will acquire $218m in loans and $955m in deposits.
The branches to be acquired include 16 current HSBC branches in Gowanda, Springville, Westfield, Palmyra, Newark, Geneseo, Watkins Glen, Avon, Watertown, Plattsburgh, Oswego, Fulton, Lowville, Adams, and Alexandria Bay and three current First Niagara branches in Geneva and Canandaigua.
Community Bank System president and CEO Mark Tryniski said that they believe this transaction will be additive to the existing strength of their core markets and which will be additive to shareholder value through expected earnings accretion of 4 percent to 5 percent in 2013.
The transaction, which subject to regulatory approval, is expected to close during the third quarter of 2012.
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