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DeWITT - Community Bank System, Inc. (NYSE: CBU) has agreed to acquire TLNB Financial Corp., privately held parent company of Tupper Lake National Bank, in a deal that will extend Community Bank's reach farther into northeastern New York.
The banks expect the deal to close in the second quarter of 2007. Regulators and TLNB shareholders must approve the acquisition. The all-cash deal is worth $17.6 million, or $34.75 per share.
Tupper Lake also has an insurance subsidiary, TLNB Insurance Agency, Inc. The company has $100 million in total assets and $87 million in deposits.
The bank has five branches in Tupper Lake, Plattsburgh, and Saranac Lake. The addition of the Saranac Lake and Plattsburgh branches will mark Community Bank's first entrance into Clinton and Essex counties.
The two Tupper Lake locations will also strengthen Community Bank's presence in Franklin County to a...