The parent company of Bath National Bank announced that its shareholders recently approved an acquisition by Financial Institutions Inc., a bank holding company in Warsaw.
Shareholders in the parent company, Bath National Corp., will get $48 a share payable sometime in the second quarter, Financial Institutions officials said. Bath's stocked closed at $47.38 a share Friday. The stock traded at $37 a share before the acquisition was announced.
Financial Institutions expects to acquire Bath for $62.6 million.
Bath National Bank operates 11 branches in the southern Finger Lakes region. Financial Institutions operates four banks -- Wyoming County Bank, the National Bank of Geneva, the Pavilion State Bank and First Tier Bank and Trust.