U.S. Community Bank System to acquire Kinderhook Bank for $93.4 mln

01/23/2019 8:23:00 AM (GMT)

U.S.-based bank holding company Community Bank System Inc. plans to acquire rival Kinderhook Bank in a deal valued at $93.4 million.

Kinderhook Bank and its shareholders will receive consideration per share of common stock at $62 in cash.

The combined company will have $11.3 billion in assets under management following the closure of the deal.

Subjected to customary closing conditions, the transaction is expected to close in the second quarter of 2019.

Community Bank System Inc.

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