Community Bank System received regulatory approval from the Office of the Comptroller of the Currency and the Federal Reserve Bank of New York to complete its proposed merger with Steuben Trust Corporation. Community Bank System also received approval from the New York State Department of Financial Services. The merger is expected to close on June 12, 2020, subject to customary closing conditions.
“We are excited to have the approvals from the OCC and the Federal Reserve for our merger with Steuben,” Mark E. Tryniski, president and CEO of Community Bank System, stated. “Steuben’s and Community Bank’s teams have been focused on integration planning for the merger to [ensure] a seamless transition for our customers. I would like to thank both teams for their efforts during these unprecedented times to continue to provide high quality and responsive financial services to our customers while navigating new measures to protect our employees and customers during the COVID-19 pandemic. We look forward to being able to provide a larger branch network and the full array of financial services Community Bank has to offer to our new customers in western New York.”
On October 21, 2019, Community Bank System entered into a definitive agreement to acquire Steuben, the parent company of Steuben Trust Company, a New York State chartered bank headquartered in Hornell, NY. Steuben currently operates 14 branch locations in western New York.
Community Bank System operates more than 230 customer facilities across Upstate New York, northeastern Pennsylvania, Vermont and western Massachusetts through its banking subsidiary, Community Bank. The company has assets of approximately $11.8 billion.
