Five Star Bank has completed the first four of eight branch purchases from First Niagara Financial Group, adding four offices in Western and Central New York.
The $2.4 billion-asset subsidiary of Warsaw-based Financial Institutions said it has acquired four First Niagara Bank offices in Batavia, Brockport, Medina and Waterloo. The offices, accounts and computer systems will be converted over the weekend, with 12,000 customer accounts transitioning to Five Star Bank.
Three of the offices will reopen today as Five Star Bank, while the Waterloo office will be closed and consolidated with an existing Five Star office across the street.
Five Star is also buying four former HSBC Bank USA branches in Albion, Elmira, Elmira Heights and Horseheads from First Niagara. That deal, which still requires regulatory approval, is slated to close in August.
Those branches, as well as the four First Niagara offices, are being sold as part of a larger divestiture plan following First Niagara's purchase of 195 HSBC offices across upstate New York and southwestern Connecticut.
Customers with questions can call (877) 226-5578.
"We're proud to be growing our branch network in new and existing communities in our own backyard," said Peter G. Humphrey, president and CEO of Five Star Bank and Financial Institutions. "New customers can expect personalized, value-driven community banking service, while all customers will enjoy an expanded network of hometown branch locations throughout Western and Central New York."