New York-based Community Bank System Inc. has acquired Wakefield-based Thomas Gregory Associates Insurance Brokers Inc., the bank’s first acquisition of a Massachusetts insurance company.

Community Bank System is the parent company of Community Bank N.A., which has branches in Western Massachusetts, Vermont, Upstate New York and Pennsylvania. The bank said in a statement that the acquisition of Thomas Gregory Associates is expected to give the bank’s insurance subsidiary, OneGroup, a profile of approximately $35 million in annual revenues.

The acquisition also gives OneGroup a New England presence. OneGroup has over 200 advisors and specialists who provide risk management services, business insurance, personal insurance, employee benefits and human capital consulting, according to the statement. It also offers retirement plan consulting through OneGroup Retirement Advisors and has 18 offices, including Thomas Gregory Associates. Other offices are in New York, Pennsylvania, South Carolina and Florida.

“We are very excited to be partnering with TGA, a respected and growing provider of both personal insurance and specialty-lines business risk insurance,” Community Bank System President and CEO Mark E. Tryniski said in the statement. “The transaction will strengthen and complement our existing OneGroup insurance and risk management service offerings, and represents an attractive opportunity to expand our insurance business in New England. We are delighted to welcome the entire TGA team to the Community Bank System organization and look forward to the future of the combined company.”

Community Bank System has more than 225 locations and assets of over $14.8 billion.