Community Bank System Inc. in DeWitt, N.Y., said Tuesday that it has a deal to buy TLNB Financial Corp. in Tupper Lake, N.Y., for $17.6 million in cash, or $34.75 a share.
The $100 million-asset TLNB is the parent of Tupper Lake National Bank, which has five branches and an insurance subsidiary.
Mark Tryniski, the president and chief executive officer of the $4.4 billion-asset Community Bank System, said in a press release that the acquisition would boost his company to the top market share in Franklin County and add its first branches in Clinton and Essex counties.
"It is a very logical extension of our northern New York footprint into markets that we've been looking to expand into for some time," he said.
The deal is expected to close next quarter.
Community Bank System bought two other New York banking companies for cash last year - ONB Corp. in Clifton Springs for $15.7 million and ES&L Bancorp Inc. in Elmira for about $39 million.
Community Bank System has more than 130 branches in upstate New York, where it operates as Community Bank, and northeastern Pennsylvania, where it operates as First Liberty Bank and Trust.
