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.
- Industry
- Financial Services
- Location
- New York, United States
- Transaction Type
- Buyout
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