Elmira Savings hits 7-year high on Community Bank System merger deal

Community Financial System

04/10/2021 13:29

** New York state-based Elmira Savings Bank shares  ESBK.O 
up 65.9% at a seven-year high of $22.40 premarket 
    ** Stock set for best daily pct gain on record 
    ** Community Bank System  CBU.N  unit to buy ESBK in
all-cash transaction valued at ~$82.8 million, the banks
announce on Monday  urn:newsml:reuters.com:*:nBw4G9bdWa
    ** ESBK shareholders will receive $23.10 in cash for each
share, representing a premium of 71.1% to ESBK's last close;
deal unanimously approved by boards of both banks
    ** CBU unchanged in premarket trade 
    ** ESBK among best performing U.S. stocks in premarket
trade, volumes at nearly twenty times their 25-day moving avg 
    ** ESBK up 17.4% YTD 

 (Reporting by Anisha Sircar)
 ((anisha.sircar@thomsonreuters.com))