Community Bank To Buy 8 Branch-banking Locations From BofA

(RTTNews) - Community Bank System, Inc. (CBU), through its wholly owned unit Community Bank, N.A., entered into a purchase and assumption agreement to acquire eight branch-banking locations across its Northeast Pennsylvania markets from Bank of America, N.A. Pursuant to the agreement, Community Bank will acquire about $369 million in deposits at a deposit premium of 2.39 percent.

As previously announced, Community Bank will rebrand its First Liberty Bank and Trust operations in Northeastern Pennsylvania to Community Bank, N.A. This changeover is expected to be complete by early September 2013, the company said..

President and Chief Executive Officer, Mark Tryniski of Community Bank System said, "...This acquisition meaningfully improves our presence and density in Northeast Pennsylvania and provides us with improved operating leverage. We believe this is a very attractive transaction at an opportune time in the interest rate cycle and will be additive to shareholder value through expected earnings accretion in 2014..."