Savings bank

Community Bank System, Inc. Announces Regulatory Approvals Received for Elmira Savings Bank Merger

SYRACUSE, NY–(BUSINESS WIRE)–Community Bank System, Inc. (NYSE: CBU) (the “Company”) announced that it has received regulatory approvals from the Office of the Comptroller of the Currency and an exemption from filing an application with the Federal Reserve Bank of New York for the proposed merger of Elmira Savings Bank with and into Community Bank, NA, the Company’s wholly owned banking subsidiary (the “Merger”). The Merger is expected to close on May 13, 2022, subject to customary closing conditions and approval by the New York State Department of Financial Services.

Mark E. Tryniski, President and CEO of the company, said, “We are excited to receive regulatory approvals from the Office of the Comptroller of the Currency and the Federal Reserve as we move towards closing the merger on May 13, 2022. Community Bank looks forward to welcoming customers and employees of Elmira Savings Bank in our family as we work together to integrate two high quality banks with a long history of serving their customers and communities. We are dedicated to Elmira Savings Bank customers and both teams are working to make the transition to Community Bank as seamless as possible. We hope our new customers will enjoy the extensive branch network and variety of financial services that Community Bank and its subsidiaries have to offer.

On October 4, 2021, the Company announced that Community Bank, NA entered into a definitive agreement with Elmira Savings Bank, pursuant to which Community Bank, NA will acquire Elmira Savings Bank in an all-cash transaction representing aggregate valued consideration at approximately $82.8 million. This transaction will provide natural market enhancement and expansion for both institutions, joining two high-quality, low-risk banks with a long history of personalized customer service and commitment to their communities. The merger will provide Community Bank, NA with an enhanced presence in several Central New York and South End markets, including Elmira, Corning and Ithaca.

About Community Bank System, Inc.

Community Bank System, Inc. operates more than 215 customer facilities in upstate New York, northeastern Pennsylvania, Vermont and western Massachusetts through its banking subsidiary, Community Bank , NA With assets of more than $15.6 billion, the DeWitt, NY-based company is among the 125 largest banking institutions in the country. In addition to a full suite of personal, business and municipal banking services, the company offers comprehensive financial planning, insurance and wealth management services through its Community Bank Wealth Management Group business units. and OneGroup NY, Inc. The Company’s subsidiary Benefit Plans Administrative Services, Inc. is a leading provider of employee benefits administration, trustee, mutual fund administration and trust services. national actuarial consultancy. 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 www.cbna.com or https://ir.communitybanksystem.com.

About Elmira Savings Bank

Elmira Savings Bank reported total assets as of December 31, 2021 of $632.2 million, total deposits of $541.0 million and loans of $464.2 million. The bank’s business and personal customers benefit from personalized relationships, online and mobile banking options, with 12 branches in New York’s Finger Lakes region. Elmira Savings Bank is listed on the NASDAQ Capital Market and trades under the symbol ESBK. For more information about Elmira Savings Bank, visit www.elmirasavingsbank.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from CBU’s expectations: the integration successful operations of its acquisitions; competition; changes in economic conditions, interest rates and financial markets; changes in laws or regulatory requirements; and the timing of receipt of regulatory approvals and completion of pending transactions. These statements are based on the current beliefs and expectations of CBU’s management, and CBU assumes no obligation to update any forward-looking statements.


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