GOUVERNEUR — Two local banks announced a merger agreement Friday that will combine the banks into a single institution.
Citizens Bank of Cape Vincent will be acquired by holding companies for Gouverneur Savings and Loan Association, with the two entities merging under the retained Gouverneur Savings and Loan Association name.
Cambray Holding Co. and Gouverneur Bancorp Inc. and Citizens Bank said in a prepared statement that the combined institution will have about $210 million in assets and five offices across Jefferson and St. Lawrence counties.
“The acquisition of Citizens Bank of Cape Vincent will further expand our footprint into Jefferson County and the Lake Ontario, St. Lawrence River communities,” Faye C. Waterman, president and CEO of Gouverneur Savings and one-time president of Citizens Bank, said in the statement. “Gouverneur and CBCV share the same core values, and this merger allows us to honor our longstanding commitments to our stockholders and communities while continuing to serve our customers with the same high level of personal service.”
The statement said that pursuant to the merger agreement, which has been unanimously approved by the boards of directors of Citizens Bank and each of the Gouverneur entities, Citizens Bank stockholders will receive $1,056.11 in cash for each share of the Citizens Bank common stock held, representing aggregate merger consideration of $8.45 million.
“Citizens Bank of Cape Vincent is proud to be partnering with Gouverneur Savings and Loan,” said Taylor Robbins, president and CEO of Citizens Bank. “We believe this merger is an excellent fit given our familiarity with Gouverneur Savings. Both of our institutions have been successfully serving our customers for over 100 years. This merger offers significant and enhanced benefits to our customers, communities, employees and shareholders.”
Under the merger agreement, Gouverneur will appoint one current Citizens Bank director to the board of directors of each of the Gouverneur entities and will appoint Mr. Robbins as executive vice president.
The merger is expected to be complete during the second quarter of 2022.