Vermont Business Magazine Community Bank System, Inc (NYSE: CBU), the parent company of Community Bank, NA, with branches across Vermont, announced today that Community Bank completed its merger with Elmira Savings Bank, a New York state chartered savings bank (NASDAQ-CM: ESBK) on May 13, 2022. Community Bank acquired Elmira in an all cash transaction representing total consideration valued at approximately $82.8 million. The merger added eight branch locations across a five-county area in the Central New York and Southern Tier markets. With completion of the merger, Community Bank System has over $16.2 billion in assets and over $13.8 billion in deposits.
Mark E. Tryniski, President and Chief Executive Officer of Community Bank System commented, “We are pleased to welcome the customers and employees of Elmira to Community Bank. Over the past 150 years, Elmira has developed a culture dedicated to exceptional customer service and meeting the banking needs of its communities. Community Bank shares these same values and looks forward to the opportunity to continue to serve Elmira’s customers. The commitment of our collective employees was demonstrated time and again by their efforts to work through the challenges caused by the COVID-19 pandemic to ensure that the customers’ transition to Community Bank is as seamless as possible. I want to commend both teams for their innovation and hard work and we are excited about this opportunity to expand the reach and depth of our banking services in the Central New York and Southern Tier regions. We hope that our new customers will enjoy the larger branch network and broad variety of financial services Community Bank and its subsidiaries have to offer. 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 and Plan of Merger, as amended (“Merger Agreement”), Elmira’s shareholders are entitled to receive $23.10 per share in cash for each share of common stock. The Paying Agent, Computershare Trust Company, N.A. (“Computershare”), is in the process of mailing the transmittal paperwork to each Elmira shareholder in order to process the merger payment in accordance with the Merger Agreement. Shareholders should receive the exchange paperwork within the next five to ten business days and do not need to take further action until such time. Any questions related to the exchange and payment process should be directed to Computershare at (800) 546-5141.
Stephens Inc. acted as financial advisor to Community Bank System and Squire Patton Boggs (US) LLP served as Community Bank System’s legal advisor. Boenning & Scattergood, Inc. served as financial advisor to Elmira, and Vorys, Sater, Seymour and Pease LLP served as Elmira’s legal advisor.
About Community Bank System, Inc.
With the inclusion of Elmira, Community Bank System will operate over 220 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank. With assets of over $16.2 billion, the DeWitt, N.Y. headquartered company is among the country’s 125 largest banking institutions. In addition to a full range of retail, business, and municipal banking services, Community Bank System offers comprehensive financial planning, insurance and wealth management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. operating units. Community Bank System’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration and actuarial consulting services to customers on a national scale. Community Bank System is listed on the New York Stock Exchange and its stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com or http://ir.communitybanksystem.com.
SYRACUSE, N.Y.--(BUSINESS WIRE)-- Community Bank System, Inc 5.16.2022.
