Tompkins Financial buys Sleepy Hollow Bancorp

The Ithaca-based parent company of Mahopac National Bank will pay $30.2 million to buy Sleepy Hollow Bancorp Inc. and merge the companies”™ regional banks in a new $750 million community bank.

Tompkins Financial Corp., a $2.3 billion publicly traded financial services company, operates nine Mahopac National Bank offices in the Hudson Valley region, including one branch in Westchester County. Sleepy Hollow Bancorp, with assets of approximately $245 million, operates five full-service offices and one limited-service facility in Westchester. With the pending merger, the community bank will serve Westchester, Putnam and Dutchess counties.

Stephen S. Romaine, Tompkins Financial president and CEO, said the merger offers his company “an excellent opportunity to expand our presence in Westchester, one of the nation”™s most attractive markets, with established locations and experienced staff.”

 

John J. Hughes, Jr., chairman, president and CEO of Sleepy Hollow Bancorp, said, “The affiliation with Tompkins Financial is an excellent fit with the community banking culture of Sleepy Hollow Bank and will bring added capabilities to our customers, including expanded lending resources, enhanced technology, and a broader array of high-quality financial services and products.” Sleepy Hollow Bank has approximately $160 million in loans and $225 million in deposits.

Gerald J. Klein Jr., president and CEO of Mahopac National Bank, will hold the same titles at the combined bank.

 

The transaction has been approved by each company”™s board of directors and is subject to regulatory approvals and approval by Sleepy Hollow Bancorp common stockholders.  The transaction is expected to close in the first quarter of 2008.