Chemung Financial (CHMG) in Elmira, N.Y., has agreed to buy six branches in upstate New York from Bank of America (BAC).
The $1.28 billion-asset company said in a press release Thursday that it will also buy $261 million in deposits and $1.8 million in loans. The transaction is expected to close in the fourth quarter and should start to contribute to Chemung's earnings in 2015. Chemung did not disclose a price.
"We are very excited to expand our market share in Tompkins County and to bring our brand of community banking into Auburn, Cortland & Seneca Falls," Ronald Bentley, Chemung's president and chief executive, said in a press release.
Chemung said it expects to keep all of the B of A employees working in the branches.
