Norwood Financial Corp. to Acquire UpState New York Bancorp, Inc.

January 9, 2020

Norwood Financial Corp., the holding company for Wayne Bank, signed a definitive agreement to acquire UpState New York Bancorp, Inc., the holding company for USNY Bank, in a stock-and-cash transaction valued at approximately $80 million. The deal expands Norwood’s footprint into Ontario, Otsego and Yates Counties, New York, creates a combined company with roughly $1.7 billion in assets and 31 offices, and is expected to be accretive to Norwood’s earnings in 2021.

Buyers
Norwood Financial Corp., Wayne Bank
Targets
UpState New York Bancorp, Inc. (USNY Bank)
Sellers
Shareholders of UpState New York Bancorp, Inc.
Location
New York, United States
Transaction Type
Buyout

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