Warsaw, N.Y. (WKBW release) -- Five Star Bank announced Friday it has entered into definitive agreements to acquire two First Niagara Bank retail bank branches and one HSBC Bank retail bank branch location from First Niagara as part of a divestiture in connection with First Niagara’s purchase of 195 HSBC retail bank branches throughout Upstate New York and Connecticut.
The transaction includes the following branches:
Albion: HSBC -- 102 North Main Street, Albion.
Batavia: First Niagara -- 401 West Main Street, Batavia.
Medina: First Niagara -- 327 Main Street, Medina.
“Five Star Bank is well positioned to continue its success by maintaining and growing its market share throughout Western and Central New York,” Peter G. Humphrey, President and CEO of Five Star Bank said in the news release. “We’re excited about the opportunity to expand our branch network and bring our unique and proven style of community banking to new customers and communities, while continuing to serve those that have chosen easy banking in our established footprint.”
Subject to regulatory approval and predicted to close by the end of the third quarter, the agreement increases Five Star Bank’s extensive branch network and adds new markets in Albion and Medina, Orleans County. The acquisition makes Five Star Bank the largest bank in Albion, the second largest bank in Batavia, and the second largest bank in Medina.
The three Western New York branches acquired by Five Star Bank are part of an overall transaction with First Niagara. Five Star Bank also has agreed to purchase two additional First Niagara branches in Brockport and Waterloo, N.Y., and three HSBC branches in Elmira, Elmira Heights, and Horseheads, N.Y.in Chemung County.