Community Bank System Completes Merger with Kinderhook Bank
JUL 15, 2019 - 6:35 am
Community Bank System, the parent company of Community Bank, completed its merger with Kinderhook Bank and its banking subsidiary, The National Union Bank of Kinderhook.
Community Bank System acquired Kinderhook in an all cash transaction representing total consideration valued at approximately $93.4 million. The merger added 11 branch locations across a five county area in the Capital District of Upstate New York. Upon completion of the transaction, Community Bank System will have over $11.0 billion in assets and over $9.0 billion in deposits.
Mark E. Tryniski, president and CEO of Community Bank System, commented, “We are pleased to welcome the customers and employees of Kinderhook Bank to Community Bank. Kinderhook Bank has an impressive 165-year history of service to its customers, its communities and its stockholders, and its values align closely with those of Community Bank. This acquisition has created an exciting opportunity for Community Bank to establish a broader and deeper banking presence in the Capital District to further support our efforts to grow our retail and business banking businesses in the Capital District. We are dedicated to Kinderhook Bank’s customers, and both teams are working to make the transition to Community Bank as seamless as possible. We hope that our new customers will enjoy the larger branch network and broad variety of financial services Community Bank and its subsidiaries have to offer. Community Bank is committed to our new employees and customers and the communities in which they live and work, and we look forward to this opportunity to welcome them to the Community Bank family.”
Under the terms of the merger agreement, Kinderhook’s common stockholders are entitled to receive $62.00 per share in cash for each share of common stock. The paying agent, Computershare Trust Company, is in the process of mailing the transmittal paperwork to each stockholder in order to process the merger payment in accordance with the merger agreement. Stockholders should receive the exchange paperwork within the next five to ten business days and do not need to take further action at this time.
Headquartered in DeWitt, NY, Community Bank System operates more than 234 customer facilities across upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank. With assets of more than $11 billion, the company is among the country’s 150 largest financial institutions.
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