Tompkins draws down $21M to buy Sleepy Hollow Bancorp
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.