SYRACUSE, N.Y. - Community Financial System Inc. (NYSE:CBU) completed its acquisition of ClearPoint Federal Bank & Trust, the company announced today.
ClearPoint specializes in trust administration for the death care industry and manages over $1.5 billion in assets. The business will operate as ClearPoint Trust, a division of Community Bank, N.A., the banking subsidiary of Community Financial System.
The all-cash transaction is valued at $39 million, subject to potential purchase price adjustment, according to a press release statement.
The acquisition expands the offerings of Nottingham Financial Group, Community Financial System’s wealth management services business. ClearPoint provides financial services to funeral homes and cemeteries in the death care industry, which the company said is valued at approximately $20 billion.
Dimitar A. Karaivanov, president and chief executive officer of Community Financial System, said the acquisition provides an opportunity to diversify revenue sources. "ClearPoint Trust’s team has extensive experience providing financial services to funeral homes and cemeteries, and with the greater resources the Company can provide, we expect this line of business to deliver a consistent and growing contribution to the Company’s bottom line," Karaivanov stated.
D.A. Davidson & Co. served as financial advisor and Luse Gorman, PC served as legal advisor to Community Financial System. ClearPoint Federal Bank & Trust was advised by Keefe, Bruyette & Woods, Inc., a Stifel Company, with Covington & Burling LLP as legal counsel.
Community Financial System operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, Western Massachusetts and Southern New Hampshire. The company has over $17 billion in assets and a market capitalization of $3.34 billion. The bank has demonstrated consistent financial strength, having raised its dividend for 28 consecutive years and currently offering a dividend yield of 2.95%. With revenue growth of 9.81% over the last twelve months and a return on equity of 11%, the company maintains solid profitability metrics.According to InvestingPro analysis, CBU appears undervalued at current levels, with the stock trading below its Fair Value. The platform, which provides comprehensive analysis on over 1,400 US equities including detailed Pro Research Reports, notes that 5 analysts have recently revised their earnings upwards for the upcoming period. Investors can access additional insights, including 4 more exclusive ProTips, through the InvestingPro platform.
In other recent news, CenterState Bank Corporation reported its first-quarter earnings for 2026, delivering a notable performance with earnings per share of $1.15. This result exceeded analyst expectations, which were set at $1.09, marking a 5.5% outperformance. However, the bank’s revenue came in at $213.3 million, slightly below the forecasted $216.36 million. Despite this revenue miss, the earnings beat reflects a positive sentiment among some investors. In related developments, Community Financial System, Inc. held its annual shareholders meeting virtually, where 12 directors were elected to serve one-year terms on the board. The election results showed vote totals ranging from approximately 38.7 million to 40.3 million shares in favor for each nominee. Additionally, shareholders approved executive pay during the meeting. These developments highlight the ongoing activities and performance metrics of both companies in the financial sector.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
The fastest way to find out is with our Fair Value calculator. We use a mix of 17 proven industry valuation models for maximum accuracy. Get the bottom line for CBU plus thousands of other stocks and find your next hidden gem with massive upside.