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  • Seller
  • Buyer
  • Type
  • Date Announced
  • Seller AUM
  • HSBC Bank USA (assets of the personal trust business)
  • Alliance Bank N.A. (Alliance Financial Corporation)
  • Trust Banks
  • August 17, 2004
  • N/A

Seller Details

Headquartered in London , HSBC is one of the largest banking and financial services organizations in the world. HSBC provides a range of services: personal financial services, commercial and corporate banking, investment banking and capital markets, private banking and other activities.

Buyer Details

Alliance Bank was formed in 1999 by the merger of Oneida Valley National Bank and First National Bank of Cortland to become one of central New York 's leading independent regional bank. Alliance Bank is a $860 million community bank headquartered in Syracuse with 20 branches throughout Cortland , Madison , Oneida , Onondaga counties.

Transaction Summary

The acquisition of HSBC's personal trust assets is aligned with Alliance Bank's strategy to expand its presence in upstate New York as well as diversify its revenue sources. Alliance will open an office in Buffalo where HSBC's Trust Administration Center currently services the accounts being acquired. In addition, Alliance intends to retain the HSBC employees who administer the majority of these accounts. Alliance anticipates that the transaction will be immediately accretive to earnings upon closing. For HSBC, the sale of the trust accounts reflects a repositioning of its trust business to focus on larger client relationships.

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