Community Bank System Announces Agreement to Acquire 19 Branches and $955 million in Deposits From First Niagara and HSBC

Community Bank System, Inc. (NYSE: CBU) through its wholly-owned banking subsidiary, Community Bank, N.A., entered into purchase and assumption agreements to acquire 19 branch-banking locations across its core Upstate New York markets from First Niagara Bank, N.A. and HSBC Bank USA, N.A. The HSBC branches are being sold by First Niagara in connection with its pending acquisition of HSBC's Upstate New York banking franchise.

Under the terms of the agreements, Community Bank will acquire approximately $218 million in loans and $955 million in deposits at a blended deposit premium of 3.22 percent.