The Bank of Millbrook acquires Stissing National

PINE PLAINS — It’s official. The name Stissing National Bank, which appeared in black letters at the top of the historic columned building in the center of Pine Plains, was removed last week. A new name, Bank of Millbrook, now appears on the front door, and a new sign is waiting for the approval of the town Planning Board.

With the final approval of New York state banking and federal regulators, the previously announced acquisition of SNB Bancorp Inc., the holding company for Stissing, by Millbrook Bank System Inc., officially occurred on Friday, Oct. 1, at 12:01 a.m.

Both of SNB’s branches will remain open, giving the Bank of Millbrook four branches in Millbrook, Amenia, Pine Plains and Stanfordville. The former Stissing branches will be referred to as Bank of Millbrook Stissing Pine Plains Branch and Bank of Millbrook Stissing Stanfordville Branch. Despite the official change of name, all existing Stissing Bank customers can continue to use their existing supply of checks.

The transition, which has been in the works for months, went smoothly, but it was a long night for bank employees. The Bank of Millbrook shut down early on Thursday at 2:30 p.m. to prepare for the integration of the bank’s two computer systems. Friday’s early morning windy rainstorm knocked out the power as the changeover was taking place; however, standby generators and batteries kicked in and the newly named branches were open for business on Friday morning, Oct. 1.

The combined assets of the two banks, both founded in the 19th century, are estimated at $187 million. Kevin McLaren, former president of Stissing and now senior vice president at Bank of Millbrook, said, “We believe that this merger provides more certainty that our two communities will continue to be served well into the future by a locally owned, well-capitalized financial institution.�

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