Community Financial System, through its banking subsidiary Community Bank, N.A., has completed the acquisition of ClearPoint Federal Bank & Trust in an all-cash transaction valued at approximately $39 million. The acquisition strengthens the company’s wealth management business, Nottingham Financial Group, by adding ClearPoint’s specialized trust administration services for the death care industry. ClearPoint manages more than $1.5 billion in assets and serves the approximately $20 billion funeral and cemetery trust market.
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The business will operate as ClearPoint Trust, a division of Community Bank, N.A. “We are excited about the opportunity ClearPoint Trust brings to NFG’s expanding suite of products and services,” said Dimitar A. Karaivanov, President and CEO of Community Financial System. “The chance to provide funeral and cemetery trust services to this large and growing market is an excellent way to diversify and build on existing strengths.” The acquisition aligns with the company’s strategy of expanding recurring fee-based revenue streams while broadening its presence in specialized trust and wealth management services.
