Steuben Trust is a step closer to being sold to Community Bank System.
Steuben Trust shareholders at a special meeting on Tuesday voted in favor of the $109 million deal. Steuben Trust reported that 84% of the Hornell-based bank’s common shares were represented at the meeting, and over 98% of those shares voted in favor of the deal.
Steuben Trust and Community Bank hope to complete the transaction in mid-May, pending regulators’ approval.
Steuben Trust’s Clarence branch will continue as part of Community Bank, but three other Steuben Trust branches – none in the Buffalo Niagara region – are scheduled to close following the merger.
Steuben Trust says 39 jobs will be cut due to the merger, in overlapping operational and administrative jobs. Employees from all Steuben Trust branches, including the three that will close, will be offered jobs with Community Bank.
Published by The Buffalo News
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