Community Bank System, Inc. | Stephens

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Financial Advisor

Community Bank System, Inc.

$83 Million 10/04/2021 Depository Pending
Lead Banker: Frank Sorrentino
Public Companies
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Transaction Details

  • On October 4, 2021, Community Bank System, Inc. (“CBU”) and Elmira Savings Bank announced that they entered into a definitive agreement pursuant to which CBU’s bank subsidiary, Community Bank, N.A., will acquire Elmira Savings Bank (“Elmira”), in an all cash transaction representing total consideration valued at approximately $82.8 million
  • Under the terms of the agreement, shareholders of Elmira will receive $23.10 in cash for each share of common stock they own
  • The transaction has been unanimously approved by the boards of directors of both companies
  • The merger is expected to close in the first quarter of 2022 and is subject to customary closing conditions, including approval by the shareholders of Elmira and required regulatory approvals

About the company

Community Bank System, Inc.
Community Bank System, Inc. operates more than 215 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of over $14.8 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, the Company offers comprehensive financial planning, insurance and wealth management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. operating units. The Company’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, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit or

Elmira Savings Bank
Elmira Savings Bank reported total assets at June 30, 2021, of approximately $648.7 million. The bank’s business and consumer customers enjoy personalized relationships, online and mobile banking options, with 12 branches in the Finger Lakes Region of New York. Elmira Savings Bank is listed on the NASDAQ Capital Market and trades under the symbol ESBK. For more information about Elmira Savings Bank visit

Sources: Company Documents, S&P Global Market Intelligence and publicly available information
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