The $14.6
billion-asset company said in a press release Thursday that it acquired Fringe
Benefits Design of Minnesota, which has offices in Minnesota and South Dakota. Fringe
Benefits Design will become a unit of Benefit Plans Administrative Services.
Community Bank System did not disclose the price it paid.
The acquisition is
expected to add more than $110 million of annual revenue.
“We are very
excited to be partnering with FBD, a respected and growing provider of
retirement plan administration and benefit consulting services,” Mark Tryniski,
Community Bank System’s president and CEO, said in the release.
“The
transaction will strengthen and complement our existing BPAS businesses and
represents an attractive opportunity to expand our benefits business in the
Midwest,” Tryniski added.
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