A Berks County-based banking company is expanding its reach in New York.
Customers Bancorp, headquartered in Wyomissing, announced a merger Friday with CMS Bancorp, which is based in White Plains, N.Y.
CMS Bank has five branches. Customers already has a single branch in Rye Brook, N.Y.
The transaction, valued at $20.8 million, is expected to be finalized in the first half of 2013.
"The transaction announced today is consistent with our long term strategy to conservatively grow both organically and through acquisitions," said Jay Sidhu, Customers' chairman and CEO. "We plan to be actively engaged with the local community and bring more lending and competitive deposit offerings to the region."
Sidhu said he hopes the to continue gradually expanding in New York.