Bank offering shares
Community Bank System, which operates 33 branches and a money management company in Western New York, is planning to sell 1.7 million shares of common stock to raise capital for its pending acquisition of 18 branches in northern New York State.
The DeWitt-based parent of Community Bank and Nottingham Advisors filed a registration statement with the Securities and Exchange Commission last week.
The shares are being offered through an underwriting group led by brokerage firms Janney Montgomery Scott LLC, Raymond James Financial and FTN Midwest Securities Corp., part of First Horizon National Corp. Community Bank will also give the underwriters an option to buy up to an additional 255,000 shares to cover any over-allotments.
Community Bank agreed in June to pay $75.6 million to buy the 18 branches from RBS Citizens Financial Group, including $630 million in deposits and $135 milllion in certain commercial and consumer loans, plus cash, property, furniture and equipment valued at $12 million.
