Published On: Thu, Jun 18th, 2015

Regulatory review of Community Bank’s Oneida Savings acquisition needs more time

 

Community Bank branch.JPG

 

 

The planned acquisition of Oneida Financial Corp. by DeWitt-based Community Bank System will take longer than expected to close.

The banks originally expected the $142 million deal to close in July, but now say the closing will take place at some point in the third or fourth quarter this year.

The banks need more time to secure the regulatory approvals needed for the acquisition, according to a press release from Community Bank.

In a written statement, Hal Wentworth, senior vice president of retail banking at Community, said delays like this one are not unusual.

“The regulatory review process takes time and given the complexity of the process, delays often occur,” he said.

The bank will provide updates on a closing date when more information is available, he added. Both banks remain committed to the acquisition.

Community announced plans to buy Oneida, parent company of Oneida Savings Bank,earlier this year. The banks have said that 60 jobs at Oneida will be cut as a result of the deal.

More than 300 Oneida employees will keep their jobs and Community will employ more than 600 people in Central New York once the acquisition closes.

Community has 2,300 employees total and 190 branches in Upstate New York and Pennsylvania.

Oneida Savings has 12 branches in Madison and Oneida counties. The acquisition will give Community the fourth largest deposit market share in the Syracuse metro area, which includes Oswego, Madison and Onondaga counties.

The deal also brings Community attractive non-banking businesses, including insurance, employee benefits consulting and wealth management.

 

 

[“source-syracuse.com”]