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Community Bank System completes nearly $83M acquisition of Elmira Savings Bank

By Traci DeLore (tdelore@cnybj.com)

Date:

Photo by Adam Rombel/CNYBJ

DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU), parent company of Community Bank, N.A., has wrapped up its $82.8 million, all-cash acquisition of Elmira Savings Bank (NASDAQ: ESBK).

The deal closure, which Community Bank announced Friday, adds eight branches across a five-county area in Central New York and the Southern Tier and gives Community Bank more than 220 branches, $16.2 billion in assets, and $13.8 billion in deposits.

“We hope that our new customer will enjoy the larger branch network and broad variety of financial services Community Bank and its subsidiaries have to offer,” Community Bank President and CEO Mark E. Tryniski said in a release. “Community Bank is committed to our new employees and customers and the communities in which they live and work, and we look forward to this opportunity to welcome them to the Community Bank family.”

Under the terms of the agreement, Elmira Savings Bank shareholders are entitled to receive $23.10 per share in cash for each share of common stock. Computershare Trust Company, N.A. is in the process of mailing the transmittal paperwork to each shareholder in order to process the merger payment.

Stephens Inc. was the financial advisor to Community Bank System, and Squire Patton Boggs (US) LLP served as legal advisor. Boenning & Scattergood, Inc. served as financial advisor to Elmira Savings Bank while Vorys, Sater, Seymour and Pease LLP was the legal advisor.

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