The Bank of Millbrook and Stissing National Bank announce merger

MILLBROOK — Millbrook Bank System Inc., the holding company for the Bank of Millbrook, will acquire all of the shares of SNB Bancorp Inc., and its unit, Stissing National Bank of Pine Plains, assuming approval of federal and state regulatory agencies and shareholder agreement. The boards of directors of both privately owned financial institutions have already agreed to the transaction and the merger should be completed sometime in the fall of this year.

“We firmly believe that this proposed merger will create a stronger institution, with increased capital and a natural geographic union that will greatly benefit our respective franchises, communities and customers,� said George T. Whalen III, president and CEO of the Bank of Millbrook. “The combination of these two banks will allow for enhanced products and services to be provided to our customers, including the ability to have more sizable credit relationships, and will allow us to compete better with larger financial institutions.�

Stissing National Bank was founded in 1839 and is New York state’s fourth oldest bank. George T.Whalen III, chairman of the board, CEO and president of the Bank of Millbrook, commented that it is a merger of two solid banking institutions.Whalen hopes that regulators will be able to respond favorably to Bank of Millbrook’s request to retain the historic Stissing Bank identity.

“Our goal is not to see a lot of changes,� said Kevin McLaren, president and chief operating officer of Stissing.

According to SNL Financial, the combined institution, with four branches in central Dutchess County, will have a 3.52 percent of total Dutchess County deposits. Privately owned Bank of Millbrook was founded in 1891 and is headquartered in Millbrook, with one branch in Amenia.  Roughly three times the size of Stissing National Bank, the Bank of Millbrook has 32 employees. Stissing has 20 employees at its main office in the center of Pine Plains and its branch office in Stanfordville.

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