Bank deal close to completion
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- March
- 4
Mahopac National Bank’s acquisition of Sleepy Hollow Bancorp is on track to close by the end of this month, the buyer’s president and chief executive said, and a new name has been settled on for the smaller institution. It’s a mouthful: “Mahopac National Bank, A Tompkins Community Bank, Sleepy Hollow Division.�
Gerald J. Klein Jr., Mahopac National’s top executive, said the new name will appear on the signage for the five branches.
“You can’t put it all the way across, it would be way too long,� Klein said.
Instead, each term in the name will be stacked atop the other in gradually smaller fonts.
Keeping the Sleepy Hollow name on the branches was not an option, Klein said, because federal regulations require the acquired property to bear the same name that appears on the national charter of the buyer bank.
Mahopac National doesn’t bear the name of its parent company, Tompkins Financial Corp., because it’s a separate division with its own charter. Mahopac National is folding Sleepy Hollow’s operations into its own.
Klein said the company wanted to keep some version of the Sleepy Hollow name that would resonate with its customers.
“We certainly recognize and respect the brand equity that Sleepy Hollow has built. We just love the name. We think it has a lot of cachet,� Klein said.
He said he discussed the change with John J. Hughes Jr., whose family has run the closely held commercial bank almost since its founding in 1924.
In November Mahopac National said it would buy Sleepy Hollow for $30.2 million in cash. The merged institution will have about $750 million in assets, 14 branches, and one limited-service office in Westchester, Putnam and Dutchess counties.
This entry was posted
on Tuesday, March 4th, 2008 at 6:01 pm by Jerry Gleeson.
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