Community Bank System Inc. in DeWitt, N.Y., has a deal to buy ONB Corp. in Clifton Springs for $15.7 million in cash.
The deal, announced Thursday, is expected to close next quarter. Mark Tryniski, the president and chief executive officer of the $4.1 billion-asset Community Bank System, said the acquisition would bolster his company's operations in the economically and demographically attractive northern Finger Lakes region.
The $95 million-asset ONB's Ontario National Bank has four branches and 11 automated teller machines in two counties, Ontario and Wayne.
"While we already have a strong presence within both of these counties, this transaction allows us to nearly double our market share within a region that has been particularly productive for us over the past couple of years from a loan-generation perspective," Mr. Tryniski said.
Community Bank System has 130 branches in upstate New York, where it operates as Community Bank, and northeastern Pennsylvania, where it operates as First Liberty Bank and Trust. The ONB branches would be rebranded as Community Bank.
