Following the merger, Madison National Bank will continue to operate as a full service banking subsidiary of FNBNY.
Daniel Murphy, current CEO of the bank, will continue as CEO of FNBNY’s banking subsidiary which will be renamed First National Bank of New York.
No branch closings are expected in connection with the merger and that the majority of Madison’s executive officers and staff would remain with the bank.
The transaction is expected to be completed in the first quarter of 2012.
Madison National executed an amendment to the merger agreement in late January 2011 whereby the parties agreed to close the merger for $9.09 per share.
The company also agreed to waive its right to terminate the merger agreement and extended the deadline until 29 February 2012.
