Community Bank System Inc. of DeWitt, N.Y., announced Thursday that it has agreed to buy Hand Benefits and Trust Inc., an employee benefit plan and trust services provider in Houston.
The acquisition would be a geographic expansion for the $4.5 billion-asset Community's employee benefits subsidiary, Benefits Plans Administrative Services Inc. Community has offices in upstate New York and Pittsburgh. It said its benefits administration business accounts for more than 60% of its financial services revenue.
With the acquisition, Benefits Plans would have revenue of more than $20 million and administration of 140,000 accounts with assets of $3 billion.
The Hand Benefits and Trust deal is expected to close in the second quarter. The price was not disclosed.
