Community Bank to acquire Plattsburgh HSBC Bank

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Community Bank will be buying the HSBC branch located on Route 3 in Plattsburgh. It is one of 19 HSBC and First Niagara banks that Community Bank is purchasing. Staff Photo / Kelli Catana

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January 24, 2012

▶ HSBC, First Niagara among Community Bank's agreement of acquisition

DAN HEATH Press-Republican The Press Republican Tue Jan 24, 2012, 08:37 AM EST

PLATTSBURGH — Community Bank System Inc. has reached an agreement to acquire 19 HSBC Bank and First Niagara Bank branches in Upstate New York.

The agreement includes the HSBC branch at 468 Route 3 in Plattsburgh.

The HSBC branches are being sold by First Niagara Bank, N.A. as part of its acquisition of HSBC Bank's Upstate New York branches.

Under the agreements, Community Bank is expected to acquire about $218 million in loans and $955 million in deposits at a blended deposit premium of 3.22 percent.

Community Bank President and CEO Mark Tryniski said the company is excited about the chance to strengthen its service footprint across the region.

"This acquisition is consistent with our long-term-growth strategy and leverages a strong competency developed during previous successful branch acquisitions," he said in a press release.

"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."

There will be no changes to customer accounts before the transaction closing, which is expected to take place in the third quarter of 2012.

Customers of the acquired branches don't need to take action at this time, the bank release said. The three banks will contact customers to explain potential changes following the transfer.

"Our team will be working closely with employees of First Niagara and HSBC to ensure a smooth transition, which we expect to be virtually seamless for customers," Tryniski said.

"We believe that our new customers will be very pleased with our strong focus on customer service and our comprehensive product line."

The closing is subject to regulatory review and approval. Community Bank System says additional equity capital of $50 million to $60 million will be needed to support the acquisition and expects to achieve that through any of or a combination of existing liquidity, balance-sheet management or the issuance of new capital.

Community Bank System is headquartered in DeWitt and has $6.5 billion in assets and more than 170 customer facilities. That includes 20 branches in the tri-county area, including four in Plattsburgh: 9 Margaret St., 524 Route 3, in Price Chopper and in Wal-Mart.

Email Dan Heath at:

dheath@pressrepublican.com