Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

Community Bank System Closes USD 82.8m Acquisition of Elmira Savings Bank.

Document Cited in Related
Vincent

MANews-(C)2009-2022

New York-based Community Bank System, Inc's (NYSE: CBU) Community Bank, N.A. subsidiary has closed the acquisition of New York-based Elmira Savings Bank (NASDAQ-CM: ESBK) in an all cash transaction representing total consideration valued at approximately USD 82.8m, the company said.

Under the terms of the agreement, shareholders of Elmira will receive USD 23.10 in cash for each share of common stock they own.

Elmira provides Community Bank, N.A. with improved presence in several Central New York and Southern Tier markets, including Elmira, Corning, and Ithaca, with total assets of USD 648.7m, deposits of USD 551.2m, net loans of USD 465.3m, and 12 branch offices across a five county area.

Upon completion of the transaction, the combined company is expected to have over USD 15.4bn in assets.

Community Bank System expects the transaction to be approximately USD 0.08 per share accretive to its 2022 GAAP earnings and USD 0.09 per share accretive to cash earnings, excluding one-time transaction costs, and expects the transaction to be approximately USD 0.15 per share accretive to its 2023 GAAP earnings and USD 0.16 per share...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT