Kinderhook Bank Corp. Announces Stockholder and Regulatory Approvals for Proposed Merger
Kinderhook Bank Corp. (“Kinderhook”) (OTCQB: NUBK), the parent bank holding company of The National Union Bank of Kinderhook (“Kinderhook Bank”) announced that at a Special Meeting of Stockholders on April 23, 2019, Kinderhook stockholders overwhelmingly voted to approve the proposed acquisition of Kinderhook by Community Bank System, Inc. (“CBU”)(NYSE: CBU), the parent bank holding company of Community Bank, N.A., (“Community Bank”) and the merger of Kinderhook Bank with and into Community Bank at the meeting of Kinderhook stockholders held yesterday. Kinderhook reports that more than 97% of the votes cast were voted to approve the proposed merger and that more than 85% of issued and outstanding shares was represented at the meeting. All required regulatory approvals have been received and the merger is expected to close on July 12, 2019.
John A. Balli, President and Chief Executive Officer of Kinderhook, stated, “The merger will join two high-quality franchises with long histories of service to their customers and communities. We are pleased about the potential benefits of the merger for our stockholders, customers, the communities we serve, and our employees. Our customers will continue to receive the highly personalized service they expect from many of the same people they already know and trust, while having access to an expanded set of products and services available from the larger combined organization with an extensive branch network.”
Pursuant to the terms of the merger agreement, Kinderhook will merge with Community, and Kinderhook Bank will merge with and into Community Bank in an all cash transaction. Kinderhook stockholders will receive $62.00 per share of KBC common stock that they hold.