ITHACA — A Ithaca–based banking company is expanding into Pennsylvania with an acquisition.
Tompkins Financial Corp. (NYSE Amex: TMP) announced plans today to acquire VIST Financial Corp. (NASDAQ: VIST) of Wyomissing, Pa. in an all-stock deal worth about $86 million. Shareholders must still approve the acquisition, which is expected to close in the third quarter.
VIST Financial has $1.4 billion in assets, $1.2 billion in deposits, and $960 million in loans. It is parent to VIST Bank, VIST Insurance, and VIST Capital Management.
(Sponsored)
New York State Now Requires 30-Minute Paid Lactation Breaks
For the past year or so, New York employers have been adapting to the State law protections granting employees returning from childbirth leave the right to express breast milk at
Timekeeping Trap: Be Careful When “Rounding” an Employee’s Work Time
The Fair Labor Standards Act (FLSA) regulations do not require an employer to track and pay an employee for the exact number of minutes they actually work. As currently written,
VIST Bank operates as a community bank with 21 branch offices in southeastern Pennsylvania, serving Berks, Montgomery, Philadelphia, Chester, Delaware, and Schuylkill counties.
Tompkins Financial operates 46 offices in the Central, Western, and Hudson Valley regions of New York through three subsidiary banks: Tompkins Trust Co., The Bank of Castile, and Mahopac National Bank. The company also owns insurance and wealth-management subsidiaries and has total assets of more than $3.4 billion.
When the acquisition is complete, Tompkins Financial will have $4.8 billion in assets, $3.8 billion in deposits, $2.9 billion in loans, and 67 branches.
“[The acquisition] gives Tompkins the opportunity to expand into one of the most attractive markets in the mid-Atlantic region with established locations and experienced staff,” Tompkins President and CEO Stephen Romaine said in a news release. “Although southeastern Pennsylvania will be a new region for Tompkins, the communities served by VIST have similar demographics to markets we serve in New York state, where Tompkins Financial’s integrated financial services model has been well received.”
VIST’s outstanding Series A preferred stock and related warrants held by the U.S. Treasury under the TARP Capital Purchase Program will be retired prior to closing, according to the banks.
“Partnering with Tompkins will bring increased financial services capabilities for our clients, while enabling VIST to continue our local identity as an independent bank serving our community for more than a century,” VIST President and CEO Robert Davis said.
For more on this story, see the Feb. 3 issue of The Central New York Business Journal.
Contact Tampone at ktampone@cnybj.com
