DELAWARE BANCSHARES, INC. EXPANDS FRANCHISE INTO SULLIVAN COUNTY, NEW YORK.
Walton, NY- April 1, 2014 – Delaware Bancshares, Inc. (OTCQB:DBAI) today announced that its wholly owned banking subsidiary, the National Bank of Delaware County (doing business as "NBDC BANK") entered into a purchase and assumption agreement to acquire six (6) branch banking locations in Sullivan County, New York from Bank of America. The transaction, which is subject to regulatory approval and customary closing conditions, is expected to make NBDC Bank one of the top three deposit market share leaders in the region and close in the third quarter of 2014.
"We are excited by the opportunity to expand into Sullivan County. We anticipate our brand of community banking will resonate well with businesses and residents, as we are committed to delivering friendly and dependable service," said James S. Stracuzzi, President and CEO of NBDC Bank.
The branch locations being purchased by NBDC Bank include:
5 River Rd., Callicoon, NY 12723
1972 Rte. 52 E., Liberty, NY 12754
4353 Hwy 42, Monticello, NY 12701
93 Main St., Narrowsburg, NY 12764
43 Stewart Ave., Roscoe, NY 12776
101 Sullivan St., Wurtsboro, NY 12790
"Both companies will be working closely together to ensure a smooth transition which we expect will be seamless for customers. We are particularly pleased to retain all current employees working in these branches, assuring customers that they will continue to do business with the same dedicated and friendly staff. In addition, we look forward to augmenting our management team and enhancing career opportunities for all NBDC Bank employees," Mr. Stracuzzi emphasized.
Customers of the acquired branches need not take any action at this time; they will be receiving detailed information regarding the transaction over the next few months.
"We look forward to offering our new customers a comprehensive suite of products and services with attractive terms and rates with the friendly, quality service they have come to expect," said Mr. Stracuzzi, offering a glimpse into community banking the NBDC Bank way.
Upon completion of the branch acquisition, NBDC Bank will have 12 branches with total deposits of approximately $340 million.
Mr. Stracuzzi also explained, "This is a very attractive transaction at an opportune time which enhances our strategic objectives. It is expected to provide immediate earnings accretion and enhance shareholder value."
Loomis & Co., Inc. and its wholly owned broker dealer subsidiary, Northeast Capital & Advisory, Inc. acted as exclusive financial advisor and placement agent to Delaware Bancshares, Inc.
The latest information on the transaction can be found at www.nbdcbank.com.
NBDC Bank is an independent community bank with over $260 million in total assets, operating a full service community banking business, along with wealth management, trust and estate services through six (6) full-service offices located in Delaware County, New York.
Originally chartered in 1890 and opened in 1891 as the First National Bank of Walton, it subsequently acquired the Bank of Andes in 1958, a branch office in Hamden in 1997, and the National Bank of Stamford in 2007.
The National Bank of Delaware County name was adopted in 1958.
NBDC Bank is known for its commitment to the communities it serves by meeting the banking needs of individuals and businesses, and supporting community projects, events and charities. NBDC Bank is the sole wholly owned subsidiary of Delaware Bancshares, Inc. (Ticker: DBAI.OB), a registered bank holding company.