Alliance Financial Corp., an $860 million-asset Syracuse, N.Y., community banking company, said Tuesday that it will buy part of the personal trust business of HSBC Bank USA in upstate New York.
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Jack H. Webb, Alliance's chairman, president, and chief executive officer, said the bank will open an office in Buffalo, where HSBC's trust administration center services the accounts to be bought. The deal is expected to be immediately accretive to earnings once it closes in December, the company said. Its terms were not disclosed.
Alliance said it plans to retain the HSBC trust employees who administer the bulk of these accounts.
