Community Bank System, which operates 33 branches in Western New York, said shareholders of Oneonta-based Wilber Corp. and federal regulators have approved the bank's purchase of Wilber, now set to close April 8 and expand Community Bank into several more upstate counties.
DeWitt-based Community Bank said 83 percent of the Wilber shareholders that voted approved of the $101.8 million merger, which was announced in late October. Shareholders will receive 80 percent of the purchase price in stock and 20 percent in cash.
The proposed cash-and-stock deal will create a bank with $6.3 billion in assets and $4.6 billion in deposits, while expanding Community Bank into seven new counties in the state's Central Leatherstocking, Greater Capital District and Catskills regions.
The deal has also been approved by the Office of the Comptroller of the Currency and the Federal Reserve. Community Bank shareholders need not approve the purchase.
"The overwhelming support of Wilber shareholders regarding the merger is important as we move toward combining Wilber with Community Bank System to create an even stronger financial institution," said Mark E. Tryniski, president and CEO of Community Bank.