»

Five Star aquires First Niagara Waterloo branch

Five Star Bank, an affiliate of Warsaw based Financial Institutions, Inc. (NASDAQ – FISI), has entered into a definitive agreement to acquire First Niagara Bank N.A.’s (“First Niagara”) Seaway branch, located at 1959 Route 20 in Waterloo, N.Y. , as part of a divestiture by First Niagara in connection with their purchase of 195 HSBC retail banking branches throughout Upstate New York and Connecticut. The acquisition is expected to add $23.3 million in deposits to Five Star Bank’s already strong presence in the Waterloo/Seneca Falls area.Subject to regulatory approval and expected to close by the end of the third quarter, the acquisition solidifies Five Star Bank as the largest bank in Waterloo.“Five Star Bank is committed to the residents of Waterloo, Seneca Falls and the surrounding communities,” said Peter G. Humphrey, President and CEO of Five Star Bank. “We’re excited to welcome new customers to our unique and proven style of community banking, while continuing to offer exceptional services to our current customers.”The Waterloo acquisition by Five Star Bank is part of a larger transaction with First Niagara. Five Star Bank also has agreed to purchase three additional First Niagara branches in Batavia, Brockport and Medina, N.Y., and four HSBC branches in Albion, Elmira, Elmira Heights, and Horseheads, N.Y. Overall, the acquisition is expected to add a total of $376 million in deposits to Five Star Bank’s deposit portfolio.

Also on FingerLakes1.com