A Gloversville, N.Y., banking company has a deal to buy a neighbor for $15 million.
CNB Bancorp, parent of City National Bank and Trust Co., plans to pay $21.88 cash for each share of Adirondack Financial Services Bancorp.
Adirondack is the parent of Gloversville Federal Savings and Loan Association, established in 1923. The $68 million-asset thrift has a branch in the lucrative Saratoga Springs resort community. City National, with $250 million of assets, has four offices.
Adirondack had been under pressure from shareholders worried they were not getting the most for their investment. Shareholder John Shepherd of Easton, Conn., this month nominated two people for the company's board of directors. The election had been planned for Adirondack's March 4 annual meeting.
Investors were also concerned by the pending resignation of executive vice president and chief operating officer Menzo D. Case. Mr. Case's last day at the company is slated for Jan. 31.
Instead, shareholders will meet to vote on the deal, which is expected to be completed by the end of the second quarter.