DeWITT — Community Bank System, Inc. (NYSE: CBU), parent of Community Bank, N.A., announced today it has completed the acquisition of eight branches in Northeast Pennsylvania from Bank of America (NYSE: BAC) to expand its presence in the region.
The acquisition, which adds more than $310 million in customer-deposit accounts, strengthens Community Bank’s ability to service consumer, business banking, and private banking clients in Northeast Pennsylvania while growing its presence and acquiring new customers, the banking company said in a news release.
No final financial terms were released today. In late July, when Community Bank first agreed to acquire the Bank of America branches, the company said the “purchase price was equal to the sum of a deposit premium of 2.37 percent based on the 30-day average balances prior to the closing of the transaction, the face value of the loans plus accrued interest, and the net book value of the other assets acquired.” At that time, Community Bank said it was buying about $369 million in deposits and $950,000 in loans.
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Five of the acquired branches are located in Luzerne County, one is situated in Lackawanna County, and two are located in Carbon County, according to Community Bank.
“We are delighted to welcome the employees and customers of these eight branch-banking centers to Community Bank, N.A.,” Mark Tryniski, Community Bank’s CEO, said in the news release. “We have worked very hard to make the transition as simple as possible for customers and we are pleased to continue serving them and the community with the same team of professionals they have come to know and trust.”
Community Bank said it has provided information to customers regarding the transition of the branch locations and their accounts over the past several months. Customers with further questions can contact any Community Bank branch office, or call 1-800-388-4679, the banking company said.
DeWitt–based Community Bank System has $7.3 billion in total assets and more than 180 branches. The company also has employee-benefits and trust consulting, insurance, and wealth/investment management subsidiaries.
Contact Rombel at arombel@cnybj.com
