DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) recently announced that its planned acquisition of Kinderhook Bank Corp. is now expected to close in the third quarter of this year.
Community Bank System announced on Jan. 22 that had agreed to acquire the parent company of National Union Bank of Kinderhook for $93.4 million in cash to expand its presence in New York’s Capital District region. At the time, Community Bank said the acquisition is expected to close in the second quarter of this year. Its new announcement, made last Thursday, didn’t say why the closure date has been pushed back.
The deal is subject to customary closing conditions, including approval by the shareholders of Kinderhook Bank Corp. and required regulatory approvals.
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Kinderhook Bank, which was founded in 1853, will bring Community Bank 11 branches across the counties of Albany (3), Columbia (5), Fulton (1), Montgomery (2), and Rensselaer (1). It has total assets of nearly $640 million and deposits of $560 million.
Community Bank System, based in DeWitt, has $10.6 billion in assets and more than 230 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its main banking unit, Community Bank, N.A.
Upon completion of the acquisition, Community Bank System says it will have about $11.3 billion in assets. It expects the deal to add about 7 to 8 cents to its first full year of earnings per share, and tack on 9 to 10 cents a share to its cash earnings, excluding any one-time transaction costs.
Contact Rombel at arombel@cnybj.com
