Steuben Trust shareholders approve $109 million sale to Community Bank System

HORNELL — Steuben Trust Corp. shareholders on March 3 overwhelmingly voted to approve its proposed sale to Community Bank System, Inc. (ticker: CBU), parent of Community Bank. 

Steuben Trust reported that more than 98 percent of the votes cast were voted to approve the deal and that more than 84 percent of the issued and outstanding shares were represented at the special meeting. The acquisition is expected to close during the second quarter of 2020, pending regulatory approval and other customary closing conditions, Community Bank System said.

Last Oct. 21, Community Bank System announced that it had entered into a definitive agreement to acquire Steuben Trust Corp., the parent company of Steuben Trust Company, a New York State chartered bank headquartered in Hornell, for about $109 million in Community Bank stock and cash. Steuben Trust currently operates 14 branches in Western New York. 

DeWitt–based Community Bank says the deal extends its reach into Western New York (WNY). Steuben Trust provides Community Bank, with improved scale in several more WNY markets, including Buffalo and Rochester, with total assets of nearly $580 million, deposits of $480 million, and 15 branch offices across a six-county area.         ν