GOUVERNEUR, NY, Sept. 19, 2022 (GLOBE NEWSWIRE) — Cambray Mutual Holding Company, Gouverneur Bancorp, Inc. (the “Company”) and the Gouverneur Savings and Loan Association (collectively, “Governor”) announced today that this effective September 2022, Governor has completed the acquisition of Citizens Bank of Cape Vincent (“CBCV”). At the effective date of the merger, CBCV was merged with and into the Gouverneur Savings and Loan Association and each CBCV shareholder was entitled to $1,056.11 in cash for each CBCV common share held at the effective date of the merger.
“We are pleased to expand our presence in Jefferson County and the communities of Lake Ontario, St. Lawrence River with the addition of offices in Cape Vincent, Chaumont and LaFargeville. The Gouverneur Savings & Loan Association has grown to five offices covering two counties to better serve our communities, and we welcome Citizens Bank of Cape Vincent customers and employees to the Gouverneur family. We look forward to combining the resources of both banks for the benefit of our customers, employees and communities going forward,” said Faye C. Waterman, Governor’s President and Chief Executive Officer.
Kilpatrick Townsend & Stockton LLP acted as legal counsel to Governor in connection with the transaction. Piper Sandler & Co. served as financial advisor to CBCV and Luse Gorman, PC, served as legal advisor to CBCV in connection with the transaction.
About Governor Bancorp, Inc.
Governor Bancorp, Inc. GOVB is the holding company of the Governor Savings and Loan Association, a New York savings and loan corporation founded in 1892 to provide deposit and loan services to businesses, families and individuals. As of June 30, 2022, the Company had total assets of $130.2 million, total contributions of $100.7 million and total shareholders’ equity of $25.5 million.
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