Arrow Completes Acquisition of Whitehall, N.Y. Branch
Arrow Financial (NasdaqGS® - AROW) has completed the acquisition of the Whitehall, New York branch from Berkshire Bank. The transaction, which closed on August 2, 2024, included:
- Deposit accounts with an approximate balance of $37.5 million
- Loans with an approximate balance of $3 million
- The branch premises and substantially all related property and equipment
This strategic move expands Glens Falls National Bank's presence in Washington County to nine branches. All on-site employees of the Whitehall branch have been retained. The acquisition aligns with Arrow's commitment to broadening its presence, enhancing offerings, and increasing shareholder value.
Arrow Financial (NasdaqGS® - AROW) ha completato l'acquisizione della filiale di Whitehall, New York, da Berkshire Bank. La transazione, conclusasi il 2 agosto 2024, includeva:
- Conti deposito con un saldo approssimativo di 37,5 milioni di dollari
- Prestiti con un saldo approssimativo di 3 milioni di dollari
- I locali della filiale e praticamente tutte le relative proprietà e attrezzature
Questa mossa strategica espande la presenza della Glens Falls National Bank nella Contea di Washington a nove filiali. Tutti i dipendenti in servizio della filiale di Whitehall sono stati mantenuti. L'acquisizione è in linea con l'impegno di Arrow ad ampliare la propria presenza, migliorare le offerte e aumentare il valore per gli azionisti.
Arrow Financial (NasdaqGS® - AROW) ha completado la adquisición de la sucursal de Whitehall, Nueva York, de Berkshire Bank. La transacción, que se cerró el 2 de agosto de 2024, incluyó:
- Cuentas de depósito con un saldo aproximado de 37,5 millones de dólares
- Préstamos con un saldo aproximado de 3 millones de dólares
- Las instalaciones de la sucursal y prácticamente todas las propiedades y equipos relacionados
Este movimiento estratégico amplía la presencia de Glens Falls National Bank en el Condado de Washington a nueve sucursales. Todos los empleados presentes de la sucursal de Whitehall han sido retenidos. La adquisición está alineada con el compromiso de Arrow de ampliar su presencia, mejorar las ofertas y aumentar el valor para los accionistas.
Arrow Financial (NasdaqGS® - AROW)는 Berkshire Bank로부터 뉴욕 화이트홀 지점을 인수 완료했습니다. 이 거래는 2024년 8월 2일에 마감되었으며, 포함된 사항은:
- 약 3,750만 달러의 잔액을 가진 예금 계좌
- 약 300만 달러의 잔액을 가진 대출
- 지점 건물과 관련된 모든 자산 및 장비
이 전략적 조치는 Glens Falls National Bank의 워싱턴 카운티 내 존재를 9개의 지점으로 확대합니다. 화이트홀 지점의 모든 현직 직원이 유지되었습니다. 이 인수는 Arrow가 존재를 확장하고, 제안을 개선하며, 주주 가치를 증가시키겠다는 의지와 일치합니다.
Arrow Financial (NasdaqGS® - AROW) a complété l'acquisition de la succursale de Whitehall, New York, de la Berkshire Bank. La transaction, qui a été finalisée le 2 août 2024, comprenait :
- Des comptes de dépôt avec un solde d'environ 37,5 millions de dollars
- Des prêts avec un solde d'environ 3 millions de dollars
- Les locaux de la succursale et pratiquement tous les biens et équipements associés
Cet acte stratégique élargit la présence de la Glens Falls National Bank dans le comté de Washington à neuf succursales. Tous les employés sur site de la succursale de Whitehall ont été conservés. L'acquisition s'aligne avec l'engagement d'Arrow à élargir sa présence, à améliorer ses offres et à accroître la valeur pour les actionnaires.
Arrow Financial (NasdaqGS® - AROW) hat die Übernahme der Whitehall-Filiale in New York von der Berkshire Bank abgeschlossen. Die Transaktion, die am 2. August 2024 abgeschlossen wurde, umfasste:
- Einlagenkonten mit einem ungefähren Saldo von 37,5 Millionen Dollar
- Darlehen mit einem ungefähren Saldo von 3 Millionen Dollar
- Die Räumlichkeiten der Filiale und praktisch alle zugehörigen Immobilien und Ausrüstungen
Dieser strategische Schritt erweitert die Präsenz der Glens Falls National Bank im Washington County auf neun Filialen. Alle vor Ort beschäftigten Mitarbeiter der Whitehall-Filiale wurden übernommen. Die Übernahme steht im Einklang mit dem Engagement von Arrow, seine Präsenz zu erweitern, sein Angebot zu verbessern und den Wert für die Aktionäre zu steigern.
- Acquisition of $37.5 million in deposits and $3 million in loans
- Expansion to nine branches in Washington County
- Retention of all on-site employees, preserving local expertise
- Strategic growth in the Whitehall community
- None.
Insights
Arrow Financial's acquisition of Berkshire Bank's Whitehall branch is a strategic move with modest immediate financial impact. The deal brings in
The acquisition strengthens Arrow's presence in Washington County, potentially leading to economies of scale and improved market share. However, the relatively small size of the acquired assets (
This acquisition reflects a broader trend of community bank consolidation in the US. Smaller banks are increasingly looking to expand their footprint through targeted acquisitions, aiming to compete more effectively with larger institutions. For Arrow, this move demonstrates a commitment to organic growth in its core market.
The retention of all on-site employees is a positive sign for customer retention and smooth integration. However, investors should monitor the following metrics post-acquisition:
- Customer attrition rates
- Cross-selling success
- Cost synergies realized
The previously announced acquisition of the branch at 184 Broadway in
"We are pleased to announce this successful acquisition and extend a warm welcome to our new customers and team members in the
All on-site employees of the
Arrow Financial Corporation (NasdaqGS® - AROW) is a multi-bank holding company headquartered in
The information in this document may contain statements based on management's beliefs, assumptions, expectations, estimates and projections about the future. Such "forward-looking statements," as defined in Section 21E of the Securities Exchange Act of 1934, as amended, involve a degree of uncertainty and attendant risk. Actual outcomes and results may differ, explicitly or by implication. We are not obligated to revise or update these statements to reflect unanticipated events. This document should be read in conjunction with Arrow's Annual Report on Form 10-K for the year ended December 31, 2023 and other filings with the Securities and Exchange Commission.
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SOURCE Arrow Financial Corporation
FAQ
What branch did Arrow Financial (AROW) acquire on August 2, 2024?
How much in deposits and loans did Arrow (AROW) acquire in the Whitehall branch purchase?
How many branches does Glens Falls National Bank now operate in Washington County after the AROW acquisition?