On April 23, 1999, just one month after termination of the C&D orders, the bank entered into a
Purchase and Assumption agreement (subject to regulator approval) with MTB Bank, a New
York state-chartered commercial bank with total assets of approximately $278 million. Under
the terms of the agreement, CBC would purchase all of the traditional banking assets and assume
all of the deposits and certain liabilities of MTB Bank for a purchase price of $20 million. MTB
Bank was headquartered in New York City and specialized in lending to small and mid-sized
businesses domestically and to companies abroad. According to the Purchase and Assumption
application, MTB Bank had banking services that were complementary to CBC in accounts
receivable and asset-based lending. The Purchase and Assumption application noted that “The
melding of these complementary businesses into a single institution will result in a bank with the
financial and managerial resources and capabilities to compete with the large regional and
money center banks in these core banking lines of business.”
On April 23, 1999, just one month after termination of the C&D orders, the bank entered into aPurchase and Assumption agreement (subject to regulator approval) with MTB Bank, a NewYork state-chartered commercial bank with total assets of approximately $278 million. Underthe terms of the agreement, CBC would purchase all of the traditional banking assets and assumeall of the deposits and certain liabilities of MTB Bank for a purchase price of $20 million. MTBBank was headquartered in New York City and specialized in lending to small and mid-sizedbusinesses domestically and to companies abroad. According to the Purchase and Assumptionapplication, MTB Bank had banking services that were complementary to CBC in accountsreceivable and asset-based lending. The Purchase and Assumption application noted that “Themelding of these complementary businesses into a single institution will result in a bank with thefinancial and managerial resources and capabilities to compete with the large regional andmoney center banks in these core banking lines of business.”
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