The Bank Slate


Community Bank System buys employee benefits firm

Community Bank System in DeWitt, N.Y., has bought a company that provides consulting services tied to retirement plans and benefits.

The $14.6 billion-asset company said in a press release Thursday that it acquired Fringe Benefits Design of Minnesota, which has offices in Minnesota and South Dakota. Fringe Benefits Design will become a unit of Benefit Plans Administrative Services.

Community Bank System did not disclose the price it paid.

The acquisition is expected to add more than $110 million of annual revenue.

“We are very excited to be partnering with FBD, a respected and growing provider of retirement plan administration and benefit consulting services,” Mark Tryniski, Community Bank System’s president and CEO, said in the release.

“The transaction will strengthen and complement our existing BPAS businesses and represents an attractive opportunity to expand our benefits business in the Midwest,” Tryniski added.

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