CBU - Community Bank System acquires Fringe Benefits Design of Minnesota

georgeclerk/E+ via Getty ImagesCommunity Bank System (CBU) acquires Fringe Benefits Design of Minnesota, a provider of retirement plan administration and benefit consulting services.Fringe Benefits Design will become a subsidiary of Benefit Plans Administration Services, a wholly owned subsidiary of CBU.The transaction is expected to give BPAS a profile of $110M+ in annual revenues, administration of 510,000-plus retirement plan participant accounts, 4,200 employer clients, ~$13B in defined contribution plan assets, and ~$110B of total assets in trust."The transaction will strengthen and compliment our existing BPAS businesses, and represents an attractive opportunity to expand our benefits business in the Midwest," says Mark Tryniski, president and CEO of Community Bank System.

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Community Bank System acquires Fringe Benefits Design of Minnesota