Community Bank has entered into a purchase and assumption agreement to acquire eight Bank of America branches in Pennsylvania.
Under the terms of the agreement, the bank will receive approximately $369 million in deposits at a premium of 2.39 per cent.
The acquisition involves Bank of America branches in Kingston, Wilkes-Barre, Freeland, Scranton, Lehighton, Lansford and two in Hazleton. It is expected to happen during the fourth quarter of 2013, subject to regulatory review and approval.
Community Bank president and and chief executive officer Mark E Tryniski said: “This acquisition meaningfully improves our presence and density in Northeast Pennsylvania and provides us with improved operating leverage."
The institution said there will be no changes to customer accounts prior to the transaction closing and it will be working with Bank of America to make the transition as smooth as possible.
It has previously announced it will rebrand its First Liberty Bank and Trust operations in Pennsylvania to Community Bank. This changeover is set to be complete by early September 2013.
By Tony Aynsley