CMS Bank merges into Putnam County Savings Bank

Putnam County Savings Bank in Brewster on Wednesday announced it has completed its $25.4 million acquisition of CMS Bancorp Inc., the White Plains-based holding company for CMS Bank.

As part of the agreement, CMS, including its wholly owned subsidiary CMS Bank, merged with and into Putnam County Savings Bank. The former locations of CMS Bank in Eastchester, Greenburgh, Mount Vernon, West Harrison and Mount Kisco will be operated as financial centers of PCSB.

The all-cash deal, first announced last fall, expands PCSB”™s customer base in Westchester by adding five branches to its 10 branch offices in Putnam, northern Westchester, Rockland and Dutchess counties.

Joseph D. Roberto, chairman, president and CEO of Putnam County Savings Bank, in the announcement said the acquisition gives the saving bank assets of about $1.3 billion.

The buyer was advised by Luse Gorman Pomerenk & Schick PC and FinPro Capital Advisors Inc. Paul Hastings LLP and Sandler O’Neill + Partners LP advised CMS.