The acquired branches are located in Fulton, Geneseo, Adams, Alexandria Bay, Lowville, Newark, Avon, Gowanda, Oswego, Palmyra, Plattsburgh, Springville, Watkins Glen, Westfield and Watertown (2).
Community Bank said the acquisition will add $697m in deposits and $107m in loans and assist the bank’s position to offer service to consumer, business banking and private banking clients.
Community Bank System president and chief executive officer Mark Tryniski said with the acquisition the bank has also got access to new customers.
"We have worked hard to make the transition as simple as possible for customers, and I am grateful for the effort put forth by both the Community Bank associates and the HSBC team and we are pleased to welcome our new colleagues joining from HSBC," Tryniski said.
As per the merger agreement, Community Bank paid 3.2% premium on deposits, or nearly $23m, and the assumed deposits consist primarily of transaction and savings accounts.
Community Bank has absorbed all of the HSBC employees at the acquired branches, following the acquisition.
As of 30 June 2012, Community Bank System had $7.2bn in assets and over 180 customer facilities.
