WESTFIELD - Westfield's HSBC branch location will become part of Community Bank.
In a news release issued Friday, Jan. 20, Community Bank System, Inc. through its wholly-owned banking subsidiary, Community Bank, N.A., announced it has entered into purchase and assumption agreements to acquire 19 branch-banking locations across its core Upstate New York markets from First Niagara Bank, N.A. and HSBC Bank USA, N.A.
The HSBC branches are being sold by First Niagara in connection with its pending acquisition of HSBC's Upstate New York banking franchise. Under the terms of the agreements, Community Bank will acquire approximately $218 million in loans and $955 million in deposits at a blended deposit premium of 3.22 percent.
Photo by Jenna Loughlin
The HSBC branch in Westfield is slated to become a Community Bank.
"We're excited by this opportunity to further strengthen Community Bank's service footprint across our existing Upstate New York market area," said President and Chief Executive Officer Mark E. Tryniski. "This acquisition is consistent with our long-term growth strategy and leverages a strong competency developed during previous successful branch acquisitions. We believe this is a very attractive transaction which will be additive to the existing strength of our core markets and which will be additive to shareholder value through expected earnings accretion of 4 percent to 5 percent in 2013."
"Our team will be working closely with employees of First Niagara and HSBC to ensure a smooth transition which we expect will be virtually seamless for customers," said Tryniski. "We believe that our new customers will be very pleased with our strong focus on customer service and our comprehensive product line."
Other branches to be acquired include current HSBC branches in Gowanda, Springville, Palmyra, Newark, Geneseo, Watkins Glen, Avon, Watertown (two), Plattsburgh, Oswego, Fulton, Lowville, Adams and Alexandria Bay; and three current First Niagara branches in Geneva (two) and Canandaigua.