January 23, 2019
Cadwalader is representing Community Bank System, Inc. (NYSE: CBU) in its definitive agreement to acquire Kinderhook Bank Corp. (OTCQB: NUBK), the parent company of The National Union Bank of Kinderhook, in an all cash transaction representing total consideration valued at approximately $93.4 million.
Community Bank System operates more than 230 customer facilities across Upstate New York and Northeastern Pennsylvania, Vermont and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of approximately $10.6 billion, the DeWitt, N.Y., headquartered company is among the country’s 150 largest financial institutions. The Kinderhook acquisition provides Community Bank, N.A. with a solid operating presence in the Capital District of Upstate New York, with total assets of nearly $640 million, deposits of $560 million and 11 banking offices across a five county area.
The Cadwalader team is led by Corporate partner Andy Alin and Bank Regulatory partner Scott Cammarn, and also includes Corporate associates Tyler Carson, Peter Bariso and Victoria Saunders; Bank Regulatory partner Mark Chorazak; Executive Compensation and Employee Benefits partner David Teigman and associates Nick Laspina and Tim Walker; Tax partners Linda Swartz and Ed Wei; and Litigation associate Ailsa Chau.