Community Bank System (CBU) in DeWitt, N.Y., has agreed to buy a benefits-administration business.
The $7.3 million-asset company said late Thursday that it will buy a professional-services practice from EBS-RMSCO, a Lifetime Healthcare unit, for an undisclosed price. The practice provides medical-benefit valuation and consultation services to 150 companies, mostly in New York.
Community Bank System's Benefit Plans Administrative Services unit, which will absorb the acquired business, will produce more than $41 million in annual revenue and administer more than 3,600 plans once the deal closes. Benefits Plan Administrative Services has eight offices and 240 employees.
"Our employee benefits administration business continues to grow through organic and acquisition strategies, expanding its national footprint, diversifying its service offerings, and providing meaningful returns," Community Bank System Chief Executive Mark Tryniski said in a press release.