DeWITT — Community Bank System, Inc. (NYSE: CBU) has received regulatory approval from the Office of the Comptroller of the Currency to acquire 16 branches in northern New York from HSBC Bank.
The deal will close July 20.
The branches are part of the recently closed acquisition of 195 HSBC locations by First Niagara Bank of Buffalo. First Niagara is selling off a total of 64 of the branches to Community, Five Star Bank, and KeyBank.
Community will acquire branches in Gowanda, Springville, Westfield, Palmyra, Newark, Geneseo, Watkins Glen, Avon, Watertown, Plattsburgh, Oswego, Fulton, Lowville, Adams, and Alexandria Bay.
“We believe the additional branches will greatly strengthen our services to our upstate New York customers with the addition of new resources, people, and locations,” Community President and CEO Mark Tryniski said in a news release.
Community Bank has $6.9 billion in assets and more than 170 branches in upstate New York and northeastern Pennsylvania. The banking company also operates subsidiaries in employee benefits, insurance, investment management and advising, and wealth management.
Contact Tampone at ktampone@cnybj.com