Arrow Financial in Glens Falls, New York, has agreed to buy Adirondack Bancorp in Utica, New York. The $4.5 billion-asset Arrow said in a press release that it will pay $89.1 million in cash and stock for the $942 million-asset Adirondack. The deal, which is expected to close in the second quarter, priced Adirondack at 138.2% of its tangible book value.
Georgia Banking in Atlanta has agreed to buy Tandem Bank in Tucker, Georgia. The $2.7 billion-asset Georgia Banking said in a press release that it expects to buy the $304 million-asset Tandem in the second quarter. The price wasn’t disclosed.
Bethany Bankshares in Bethany, Missouri, has agreed to buy Bancshares of Glasgow in Glasgow, Missouri. Bethany, the holding company of the $1.6 billion-asset BTC Bank, said in a press release that it expects to buy the parent of the $61.5 million-asset Tri-County Trust Co. in the second quarter. The price wasn’t disclosed.
Olmstead Holding in Rochester, Minnesota, has agreed to buy Riverland Bancorp. in Jordan, Minnesota. Olmstead, the holding company for the $272 million-asset Eagle Rock Bank, applied with the FDIC on Feb. 24 to buy the parent of the $229 million-asset Riverland Bank.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
