Community Financial System in Syracuse, N.Y., has agreed to buy ClearPoint Federal Bank & Trust in Batesville, Ind.
The $16 billion-asset Community Financial System said in a press release that it will pay $40 million in cash for the $131.5 million-asset ClearPoint. The deal is expected to close in the second quarter.
ClearPoint is a national leader in trust administration for the death care industry, with more than $1.5 billion of assets under management. ClearPoint will retain its brand and offerings after the deal closes.
The deal is expected to be slightly accretive to Community Financial Systems earnings per share.
D.A. Davidson and Luse Gorman advised Community Financial System. ClearPoint was advised by Keefe, Bruyette & Woods and Covington & Burling.