Gouverneur Bancorp Announces Completion of Citizens Bank of Cape Vincent Acquisition

GOUVERNEUR, N.Y., Sept. 19, 2022 (GLOBE NEWSWIRE) — Cambray Mutual Holding Company, Gouverneur Bancorp, Inc. and Gouverneur Savings and Loan Association announced that, effective as of September 16, 2022, Gouverneur has completed its acquisition of Citizens Bank of Cape Vincent. At the effective time of the merger, CBCV was merged with and into Gouverneur Savings and Loan Association and each CBCV stockholder became entitled to receive $1,056.11 in cash for each share of CBCV common stock that they held at the effective time of the merger.

“We are excited to expand our presence in Jefferson County and the Lake Ontario, St. Lawrence River communities with the addition of branches in Cape Vincent, Chaumont and LaFargeville. Gouverneur Savings & Loan Association has grown to five offices covering two counties to better serve our communities, and we welcome the customers and employees of Citizens Bank of Cape Vincent to the Gouverneur family. We look forward to bringing together the resources of both banks for the benefit of our customers, employees and communities going forward,” said Faye C. Waterman, President and Chief Executive Officer of Gouverneur.

Kilpatrick Townsend & Stockton LLP served as legal counsel to Gouverneur in connection with the transaction. Piper Sandler & Co. served as financial advisor to CBCV and Luse Gorman, PC served as legal counsel to CBCV in connection with the transaction.

About Gouverneur Bancorp, Inc.

Gouverneur Bancorp, Inc. (OTC Pink: GOVB) is the holding company for Gouverneur Savings and Loan Association, which is a New York chartered savings and loan association founded in 1892 that offers deposit and loan services for businesses, families and individuals. At June 30, 2022, the Company had total assets of $130.2 million, total deposits of $100.7 million and total stockholders’ equity of $25.5 million.