Group Bank System, Inc Completes Merger With Kinderhook Bank Corp And Enhances Capital District Presence

Kinderhook Bank Corp. was based in 1853 and is headquartered in Kinderhook, New York. Kinderhook Bank Corp. has complete belongings of approximately $632 million, and is the holding company for The National Union Bank of Kinderhook. The bank’s enterprise, municipal, and consumer clients get pleasure from customized relationships, on-line and cell banking options, with eleven branches in upstate New York. Kinderhook Bank Corp. is listed on the OTCQB Venture Market and trades under the image NUBK. Patriot is a federally chartered savings institution which has served the banking needs of shoppers in Montgomery and Fulton County, New York since its organization in 2005 with three workplaces in Amsterdam, Canajoharie and Johnstown.

Under the terms of the settlement, shareholders of Kinderhook Bank Corp. will receive consideration per share of frequent stock equal to $62.00 in cash. This worth represents, assuming full conversion of preferred fairness ryan’s ruston, roughly 193% of Kinderhook Bank Corp.’s tangible guide value as of September 30, 2018. Community Bank President and CEO Mark Tryniski stated the deal will extend the corporate’s footprint into the Capital District markets.

Kinderhook Bank employees attributed a compensation and benefits rating of four.3/5 stars to their firm. Read what they consider their salaries on our Compensation FAQ page for ​Kinderhook Bank​​. For greatest practices on effectively downloading data from SEC.gov, together with the latest EDGAR filings, visit sec.gov/developer. You also can sign up for e-mail updates on the SEC open knowledge program, together with finest practices that make it more environment friendly to download information, and SEC.gov enhancements that will impression scripted downloading processes. To permit for equitable access to all users, SEC reserves the proper to restrict requests originating from undeclared automated instruments.

“Our acquisition of Kinderhook Bank Corp. will prolong our banking footprint into the engaging Capital District markets which are just like the opposite Upstate New York markets by which we efficiently compete,” mentioned Mark Tryniski, CEO of Community Bank System. Monitor continues to offer readers, on-line guests, on-the-go executives and advertisers with multimedia platform options. Kinderhook Bank needed a friendly and alluring way to announce the acquisition of Patriot Federal Bank. Spiral used model elements from each financial institution to offer recognizability and reassurance that the change wouldn’t be a disruption to the customer’s means of banking.

Under the terms of the merger agreement, Kinderhook’s frequent stockholders are entitled to obtain $62.00 per share in cash for each share of widespread stock. The paying agent, Computershare Trust Company, is within the strategy of mailing the transmittal paperwork to each stockholder so as to course of the merger payment in accordance with the merger agreement. Stockholders ought to receive the trade paperwork within the subsequent five to 10 business days and do not need to take additional action at this time. Kinderhook Bank Corp. is the father or mother company of The National Union Bank of Kinderhook, a national financial institution established in 1853 to serve the banking needs of shoppers throughout Columbia County and has expanded into Albany and Rensselaer counties in New York State. Kinderhook Bank is the only financial institution headquartered in Columbia County with department locations in Albany, Chatham, Delmar, East Greenbush, Greenport, Kinderhook, Latham and Valatie, New York. As of December 31, 2016, The National Union Bank of Kinderhook had total assets of roughly $460 million; total loans of approximately $332 million; complete deposits of approximately $403 million; and whole capital of roughly $43 million.

Kinderhook Bank Corp. was acquired by Community Bank System, Inc. Kinderhook Bank Corp. operates as the financial institution holding firm for The National Union Bank of Kinderhook that provides varied banking products and services in New York. The firm operates via a network of 11 department workplaces in New York.

scroll to top