The majority owner of a $194 million-asset bank in upstate New York said it plans to buy out the other shareholders in a $10 million deal.
Tompkins Trustco, which owns 70% of Mahopac National Bank of Mahopac, N.Y., said it would issue 417,000 of its shares to acquire the remaining 30% from the Spain family. The purchase is expected to close by late October.
Tompkins, which has $1.25 billion of assets, said it would add Michael H. Spain to its board. His brother, William, is a Tompkins director and the chairman of National Bank of Mahopac.
Tompkins, of Ithaca, N.Y., owns two other upstate banks - Tompkins County Trust Co. and Bank of Castile.