Community Bank Systems acquired Kinderhook Bank for $93.4m.

Community Bank System and Kinderhook Bank have entered into a definitive agreement pursuant to which Community Bank System will acquire Kinderhook Bank, parent company of National Union Bank of Kinderhook in an all cash transaction representing total consideration valued at approximately $93.4m. The transaction was approved by stockholders of Kinderhook Bank. This transaction will provide natural market extension for both institutions, joining two high-quality, low-risk franchises with long histories of customer service, as well as a commitment to their communities. Kinderhook Bank provides Community Bank a solid operating presence in the Capital District of Upstate New York, with total assets of nearly $640m, deposits of $560m, and 11 banking offices across a five county area. Our acquisition of Kinderhook Bank will extend our banking footprint into the attractive Capital District markets which are similar to the other Upstate New York markets in which we successfully compete. Our move to establish a broader and deeper banking presence in this region reflects the relative economic, demographic and geographic attractiveness of the area." Mark E. Tryniski, Community Bank System, President and Chief Executive Officer.