(RTTNews) - Community Financial System, Inc. (CBU), a bank holding company for Community Bank, N.A, Thursday announced that it has agreed to acquire ClearPoint Federal Bank & Trust for $40 million in an all-cash deal.
The transaction is expected to notably increase Community Financial System's wealth management services business, the Nottingham Financial Group or NFG and contribute to the company's strategic capital deployment into durable, recurring, and growing income streams.
As per the bank, ClearPoint is a national leader in trust administration for the approximately $20 billion death care industry, with over $1.5 billion of assets under management and 3-year revenue CAGR of 8.8 percent.
The transaction is set to close in the second quarter of 2026 and ClearPoint is surmised to retain its brand and offerings.
In pre-market activity, CBU shares were trading at $64.35, up 4.99% on the New York Stock Exchange.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
