Business in the Burbs

Tompkins draws down $21M to buy Sleepy Hollow Bancorp

May

Tompkins Financial Corp. used $21 million of a $25 million credit line with JPMorgan Chase Bank to finance its $30.2 million purchase of Sleepy Hollow Bancorp Inc., Tompkins disclosed in a regulatory filing today.

The deal, which merged Mahopac National Bank with Sleepy Hollow Bancorp, closed Friday.

The six Sleepy Hollow banks, in Pleasantville, Ossining, Yonkers and Sleepy Hollow, are now known as Mahopac National Bankâ€™s Sleepy Hollow Division, said Tompkins, based in Ithaca.

The merger created a regional banking subsidiary with $750 million in assets and 15 branches in Westchester, Putnam and Dutchess counties, Tompkins said.

This entry was posted on Tuesday, May 13th, 2008 at 4:10 pm by David Schepp. You can follow any responses to this entry through the RSS 2.0 feed.
Category: Banking, Mergers & acquisitions

Print | Email

It is a condition of your use of the comment features associated with the blogs that you do not: Use the site to post or transmit any unlawful, threatening, abusive, libelous, defamatory, obscene, vulgar, pornographic, profane or indecent information of any kind, including without limitation any transmissions constituting or encouraging conduct that would constitute a criminal offense, give rise to civil liability or otherwise violate any local, state, national or international law. You alone are responsible for the material you post or send. Refer to the Terms of Service.