Canandaigua National Corp. in Canandaigua, N.Y., has agreed to buy Genesee Valley Trust Co. in Pittsford, N.Y., for an undisclosed amount.
The deal would increase assets under management at Canandaigua by almost 60%, to $1.5 billion.
Genesee would retain its name and management team, including president and chief executive officer James V. D'Amico. The company provides money management, retirement services, and estate and financial planning.
"As part of CNB, Genesee Valley Trust can offer a significantly broader range of services to clients, particularly the rapidly growing number of corporate clients for which we manage 401(k) plans and provide other retirement services," Mr. D'Amico said in a press release.
Canandaigua is the parent of $1.2 billion-asset Canandaigua National Bank and Trust Co. Its deal for Genesee was announced last week and is expected to close this year.
