Community Bank to acquire Steuben Trust

Friday 15 May 2020 12:04 CET | News

US-based Community Bank System has received the required regulatory approvals to complete the proposed acquisition of Steuben Trust Corporation.

The bank received the nod from primary regulators such as the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Bank of New York (FRBNY). Additionally, it also received approval from the New York State Department of Financial Services (NYSDFS).

Under the terms of the deal, Community Bank will pay USD 106.8 million to acquire Steuben Trust, which is a New York-based chartered bank operating 14 branches in the Western New York.

Community Bank had first announced the acquisition of Steuben back in October 2019.

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Keywords: Community Bank, Steuben Trust, Steuben Trust Corporation, banks, Office of the Comptroller of the Currency, OCC, Federal Reserve Bank of New York, FRBNY
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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