Community Bank System Inc. in DeWitt, N.Y., said Monday that it has received shareholder and regulatory approval to acquire Wilber Corp.
The $5.5 billion-asset company announced in October that it planned to buy the $929 million-asset Wilber, in nearby Oneonta, for $101.8 million in cash and stock. Community Bank expects to complete the deal on April 8.
Community Bank would have $6.3 billion of assets, $4.6 billion of deposits and would expand into seven counties in upstate New York.
Wilbur would be the first traditional acquisition in nearly four years for Community Bank, which was known in the early 2000s for expanding strategically through deals, having completed eight bank and thrift purchases by 2007.