Gouverneur Savings & Loan Association, a New York-based community bank, is set to acquire Citizens Bank of Cape Vincent.
The combined institution will have approximately $210 million in total assets and five offices in two counties in Northern New York.
Under the merger agreement, the directors of CBCV and each of the Gouverneur Entities, CBCV stockholders will receive $1,056.11 in cash for each share of CBCV common stock held, representing aggregate merger consideration of $8,448,900.
Faye C. Waterman, president, and chief executive officer of Gouverneur, said: “The acquisition of Citizens Bank of Cape Vincent will further expand our footprint into Jefferson County and the Lake Ontario, St. Lawrence River communities.
“The merger will also offer expanded products and services to the CBCV and Gouverneur customer base.”
Gouverneur will also appoint one current CBCV director to the board of directors of each of the Gouverneur Entities and will appoint Taylor Robbins as executive vice president.
The merger is expected to close during the second quarter of 2022.
Meanwhile, German American has completed its merger with Citizens Union Bank of Shelbyville, effective January 1, 2022.
Following the completion of the holding company transaction, Citizens Union Bank merged with and into German American’s banking subsidiary, German American Bank.
D. Neil Dauby, president and CEO of German American, said: “This combination of German American’s existing operations in the greater Louisville, Kentucky market area with that of Citizens Union’s strong community banking franchise will result in tripling our market share to approximately 2.5% for an overall top-10 market share position.
“It increases German American’s deposit market share rank to number four of banks with less than $20 billion in assets.”
David Bowling, CEO of Citizens Union, and Darryl Traylor, president of Citizens Union will assume a regional chairman and vice chairman role.