Putnam County Savings Bank (PCSB) has agreed to acquire CMS Bancorp, the holding company for CMS Bank, for approximately $25.4m.
Under the agreement, PCSB will acquire CMS and CMS Bank in an all cash transaction valued at $13.25 per share.
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The deal will add five retail branches in Westchester County to PCSB’s existing 10 branch network.
Commenting on the deal, PCSB president and CEO Joseph Roberto said: "This transaction provides an excellent platform for further growth and will expand our franchise in the Westchester County market. We look forward to continuing PCSB’s excellent customer service and our goal of investing in the communities we serve."
The agreement, which is subject to approval banking regulatory authorities, is expected to close in the first half of 2015.
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