Tompkins Financial to acquire VIST Financial
Tompkins Financial Corporation has agreed to acquire VIST Financial Corporation in an all-stock transaction valued at about $86m as it looks to expand its presence Southeastern Pennsylvania region.
As per the terms of the agreement, VIST shareholders will receive 0.3127 Tompkins shares for each common share held.
Tompkins Financial expects the transaction to be accretive to earnings per share in the first year and into the future excluding one-time merger expenses.
Upon completion of the transaction, Tompkins Financial will have $4.8bn in assets, $3.8bn in deposits, and $2.9bn in loans, with 67 banking offices.
VIST Bank will operate as a unit of Tompkins on completion of the deal with Robert Davis continuing as the bank's CEO.
Tompkins Financial president and CEO Stephen Romaine said that although southeastern Pennsylvania will be a new region for Tompkins, the communities served by VIST have similar demographics to markets they serve in New York State, where Tompkins Financial's integrated financial services model has been well received.
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