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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