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Tompkins draws down $21M to buy Sleepy Hollow Bancorp

May
13

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 Bank’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

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Business in the Burbs is our online news blog about businesses based or operating in the Lower Hudson Valley. Visitors here will also find items of interest to consumers in the region. Most contributions are from business reporters and editors covering Westchester, Rockland and Putnam counties.

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