SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (“Community Bank System”) (NYSE:CBU)
announced today that it has completed its acquisition of Northeast
Retirement Services, Inc. (“NRS”) and its subsidiary Global Trust
Company (“GTC”). Effective as of the closing, NRS is a wholly-owned
subsidiary of Benefit Plans Administrative Services, Inc. (“BPAS”) and
will operate as Northeast Retirement Services, LLC, a Delaware limited
liability company. The combination of NRS and BPAS has created an
organization with over $80 million in annual revenue, over $50 billion
in trust assets and 3,800 retirement and other employee benefit plan
administration clients throughout the United States and Puerto Rico. The
cash and stock transaction is valued at approximately $146 million.
BPAS is a national provider of employee benefit related services,
including defined contribution, VEBA/HRA, actuarial and pension
services, and collective investment fund and institutional trust
services. NRS, which was founded in 1999, is based in Woburn,
Massachusetts and provides institutional transfer agency, master
recordkeeping services, custom target date fund administration, trust
product administration and customized reporting services to
institutional clients. NRS’s wholly-owned subsidiary, GTC, is a
non-depository trust company chartered in the State of Maine, and
provides fiduciary services for collective investment trusts and other
products.
Mark E. Tryniski, the President and Chief Executive Officer of Community
Bank System commented, “We are very excited that our partnership with
NRS has been finalized and we welcome NRS’s employees and clients to the
Community Bank family. We look forward to continuing NRS’s tradition of
excellent customer service and are delighted that the same group of
talented employees will continue on after the closing.”
Thomas Forese, President and Chief Executive Officer of NRS commented,
“Today we have joined forces with Community Bank System and BPAS and
look forward to working with our new colleagues to provide highly
customized and integrated services to our clients. NRS remains committed
to supporting the evolving needs of existing and potential clients
through flexible technology and consultative solutions out of our Woburn
facility.”
Raymond James & Associates acted as exclusive financial advisor to
Community Bank System and Cadwalader, Wickersham & Taft LLP acted as its
legal advisor. Loomis & Co. acted as exclusive financial advisor to NRS
and Nutter McClennen & Fish LLP acted as its legal advisor.
Community Bank System, Inc. operates more than 200 customer facilities
across Upstate New York and Northeastern Pennsylvania through its
banking subsidiary, Community Bank, N.A. With assets of approximately
$8.7 billion, the DeWitt, N.Y. headquartered company is among the
country’s 150 largest financial institutions. In addition to a full
range of retail, business, and governmental banking services, the
Company offers comprehensive financial planning, insurance and wealth
management services through its’ Community Bank Wealth Management Group
and OneGroup NY, Inc. operating subsidiaries. The Company’s Benefit
Plans Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration, trust services, and actuarial
consulting services to customers on a national scale. Community Bank
System, Inc. is listed on the New York Stock Exchange and the Company’s
stock trades under the symbol CBU. For more information about Community
Bank visit www.communitybankna.com
or http://ir.communitybanksystem.com.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.The
following factors, among others, could cause the actual results of CBU’s
operations to differ materially from CBU’s expectations: the successful
integration of operations of its acquisitions; competition; changes in
economic conditions, interest rates and financial markets; and changes
in legislation or regulatory requirements.These statements are
based on the current beliefs and expectations of CBU’s management and
CBU does not assume any duty to update forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170203005716/en/
Community Bank System, Inc.
Scott A. Kingsley, Office: 315-445-3121
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.