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According to PCSB, the deal would mean the addition of five Westchester County branches. Currently, PCSB lists 10 branches throughout the region.
PCSB also intends the replace the CMS brand name at the branches with its own. The deal also calls for a CMS director to join the PCSB board.
"We are extremely excited about our partnership with CMS," Joseph Roberto, PCSB chief executive officer, said in a statement. "This transaction provides an excellent platform for further growth and will expand our franchise in the WestchesterCounty market. We look forward to continuing PCSB’s excellent customer service and our goal of investing in the communities we serve."
"The merger with Putnam County Savings Bank is very good news for our stockholders, customers and employees," John E. Ritacco, CMS chief executive officer, said in his statement. "Our stockholders will benefit from the all-cash terms of the merger agreement. Our customers will gain access to a deeper level of products and quality services provided by a strong and committed local community bank, and CMS will serve as a platform for Putnam’s deeper expansion in the Westchester market. The combined organization will continue to have the same great quality of customer service provided by dedicated people who are committed to being involved in the local community, and with the added resources of a larger and stronger community banking organization.”
PCSB said that it expects the deal to close in the first half of 2015. The bank's full announcement is available on its website.
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