DeWITT, N.Y. — Community Bank System Inc. (NYSE:CBU) announced it now expects to complete its proposed acquisition of Oneida Financial Corp. (NASDAQ: ONFC) “late in the fourth quarter of this year.”
The DeWitt–based banking company says it’s basing the updated completion date on its “current estimate of the timing to obtain the required regulatory approvals and to coordinate the operational and systems conversion,” according to a news release the banking company issued late Friday afternoon.
At the same time, Community Bank is extending the process for Oneida Financial stockholders to elect the form of their merger consideration to Nov. 25. The extension in the election deadline follows the change in the anticipated closing date, Community Bank System said.
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Oneida Financial stockholders will receive a letter with further information about the extension of the election deadline and election process.
It was back in February when Community Bank first announced its plan to acquire Oneida Financial for about $142 million, or $20 per share, in a mix of stock and cash.
The banking company originally expected the deal to close in July, but in June, it pushed back the closing timeframe to the third or fourth quarter of the year, pending regulatory approvals.
Community Bank later used its July 20 second-quarter earnings news release to narrow down the targeted closing to October, “subject to required regulatory approvals.”
As of now, Community Bank System anticipates completing the transaction “late in the fourth quarter of this year,” pending the receipt of all necessary regulatory approvals and the satisfaction of other closing conditions.
Oneida Financial stockholders have previously approved the merger, Community Bank System said.
DeWitt–based Community Bank System operates more than 190 branches across upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. It ranks fifth in deposit market share in the 16-county Central New York area, according to the latest FDIC data.
The company has assets of about $7.9 billion, and expects to be at about $8.5 billion following the closing of the Oneida Financial deal.
Besides retail and business-banking services, Community Bank offers financial planning, insurance, and wealth-management services.
Contact Reinhardt at ereinhardt@cnybj.com
