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Covington Represents ClearPoint Federal Bank & Trust in Sale to Community Bank N.A.

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  • Covington Represents ClearPoint Federal Bank & Trust in Sale to Community Bank N.A.

WASHINGTON—Covington advised ClearPoint Federal Bank & Trust in its sale to Community Bank, N.A, a wholly owned subsidiary of Community Financial System, Inc. The all-cash transaction is valued at $40 million.

ClearPoint administers trust services for the approximately $20 billion death care industry, with over $1.5 billion of assets under management and 3-year revenue CAGR of 8.8%. 

Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking services, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $16 billion in assets.

The Covington team included Samantha Kirby, Charlotte May, Olivia Xie, Laura Bleier, Jas Johnson, and Lauren Williams (corporate); Michael Nonaka and Jacob Feldmann (regulatory); Mark Gimbel and Aroosa Khokher (litigation); Jenna Wallace and Susan Li (employee benefits); Kurt Baca and Lingyun Li (tax); and Darren Teshima and Scott Levitt (insurance).

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