A Rochester area bank is being acquired by a bank based in the Buffalo area.
Fairport Savings Bank is being purchased by Evans Bancorp for $34.7 million in cash and stock.
The combined company will have about $1.8 billion in assets. Evans, which is based in Hamburg, is buying FSB Bancorp, parent company of Fairport Savings, which has five branches in the Rochester area and three mortgage offices in Rochester, Buffalo and Watertown. Fairport Savings was founded in 1888.
The present and CEO of Evans Bancorp says his company has already been doing some business in the Rochester area, and this seemed like a natural fit.
“We had prioritized this area as a possible expansion for our franchise and this opportunity presented itself and it was a more efficient way to utilize their presence to layer on our business model in combination with their business model to extend our market presence,” Nasca said.
Evans has about 335 employees, Fairport has 77. Nasca says there may be consolidation of some back office staff, but he does not expect that to impact people who directly deal with customers.
The deal is expected to close in the second quarter of next year.
