Brief: Community Bank System Inc To Expand Its Presence In The Central New York And Southern Tier Regions With Acquisition Of Elmira Savings Bank

Community Financial System

04/10/2021 12:59

Oct 4 (Reuters) - Community Bank System Inc  CBU.N :
    * COMMUNITY BANK SYSTEM, INC. TO EXPAND ITS PRESENCE IN THE
CENTRAL NEW YORK AND SOUTHERN TIER REGIONS WITH ACQUISITION OF
ELMIRA SAVINGS BANK
    * COMMUNITY BANK SYSTEM - UNIT WILL ACQUIRE ELMIRA SAVINGS
BANK IN
AN ALL CASH TRANSACTION REPRESENTING TOTAL CONSIDERATION VALUED
AT ABOUT $82.8 MILLION
    * COMMUNITY BANK SYSTEM INC - UPON COMPLETION OF
TRANSACTION,
COMBINED COMPANY IS EXPECTED TO HAVE OVER $15.4 BILLION IN
ASSETS
    * COMMUNITY BANK SYSTEM INC - UNDER TERMS, SHAREHOLDERS OF
ELMIRA
WILL RECEIVE $23.10 IN CASH FOR EACH SHARE OF COMMON STOCK THEY
OWN
    * COMMUNITY BANK SYSTEM INC - EXPECTS TRANSACTION TO BE
APPROXIMATELY $0.08 PER SHARE ACCRETIVE TO ITS 2022 GAAP
EARNINGS

Source text for Eikon:  ID:nBw4G9bdWa 
Further company coverage:  CBU.N