PLATTSBURGH -- Community Bank has acquired 18 Citizens Bank locations in northern New York.

Community Bank System Inc. and its wholly owned subsidiary, Community Bank, N.A., will acquire the branches from Citizens Financial Group Inc.

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Community Bank System President and CEO Mark Tryniski said the acquisition represents an attractive opportunity.

"It's a logical expansion of our market-leading, northern New York footprint and includes a highly attractive base of core funding relationships," he said.

"We are pleased to be gaining a dedicated and talented group of employees who share our culture of delivering exceptional customer service and have the same community-based values under which we operate."

LOCAL BRANCHES

Community Bank, based in DeWitt, will acquire four Citizens branches in Plattsburgh and one each in Champlain, AuSable Forks, Malone, Fort Covington, Tupper Lake, Saranac Lake, Lake Placid, Newcomb, Ticonderoga, Lyons Falls, Long Lake, Indian Lake, North Creek and Whitehall.

Community Bank already has 10 branch offices in Clinton, Essex and Franklin counties.

It was not immediately apparent whether any jobs would be lost or branches closed in the transition.

The change would leave six Plattsburgh locations, including Price Chopper and Wal-Mart; three each in Tupper Lake and Malone; and two in Saranac Lake.

The acquisition remains subject to regulatory approval. It is expected to be finalized sometime in the fourth quarter of this year.

Both banks will be communicating with customers shortly to explain what will happen after the acquisition.

"We will be working together to insure a smooth transition over the coming months, and the transaction should be virtually transparent to Citizens' customers," Tryniski said. "Customers do not need to take any action at this time."

STRATEGIC DECISION