Five Star Bank to acquire eight new branches in New York
Warsaw-based Five Star Bank has entered into definitive agreements to acquire four retail banking branches currently owned by HSBC Bank USA, and four retail banking branches currently owned by First Niagara Bank.
The deposits associated with the branches total about $376m, while loans are valued at about $94m. The transaction is expected to close by the end of the third quarter following regulatory approvals.
Five Star Bank President and CEO Peter Humphrey said that Five Star Bank is well positioned to continue its success by maintaining and growing its market share throughout Western and Central New York.
The acquisition forms part of a divestiture by First Niagara in connection with its purchase of 195 HSBC retail bank branches throughout Upstate New York and Connecticut.
Five Star Bank has about $2.3bn in assets and runs through a network of 50 offices with more than 70 ATMs in Western and Central New York State, employing more than 600 people.
Five Star Bank, along with Five Star Investment Services, both affiliates of Financial Institutions, also offers diversified financial services to its customers and clients, including brokerage and insurance.
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