SYRACUSE, NY, December 17, 2021– (BUSINESS WIRE) – Community Bank System, Inc. (NYSE: CBU) (the “Company”) announced that the shareholders of Elmira Savings Bank (“Elmira”), at its special meeting of shareholders held on December 14, 2021, voted overwhelmingly to approve Elmira’s proposed merger with Community Bank, NA (the “Merger”). Elmira said that over 98% of the votes cast were in favor of approving the merger and that over 75% of the issued and outstanding shares were represented at the extraordinary meeting.
Mark E. Tryniski, President and CEO of the Company, said: “We are delighted to hear of the strong support of Elmira Savings Bank shareholders for the merger. Community Bank looks forward to the opportunity to welcome Elmira’s clients and employees to our family as we work together to integrate two high quality banks with a long history of service to their clients and communities. We are dedicated to Elmira’s clients and both teams strive to make the transition to Community Bank as seamless as possible. We hope that our new clients will take advantage of the larger 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 has entered into a definitive agreement to acquire Elmira, a New York State chartered savings bank headquartered in Elmira, New York. , for about $ 82.8 million in cash. Elmira currently operates 12 branches in five counties in the central New York and southern markets, including Elmira, Corning and Ithaca. The acquisition will strengthen and expand Community Bank, NA’s banking footprint in the Finger Lakes region.
About Community Bank System, Inc.
Community Bank System, Inc. operates more than 215 client locations in upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank , NA With assets of more than $ 15.3 billion, the DeWitt, NY-based company is among the 125 largest banking institutions in the country. In addition to a full range of personal, commercial and municipal banking services, the Company offers comprehensive financial planning, insurance and wealth management services through its Community Bank Wealth Management Group operating units. and OneGroup NY, Inc. The Administrative Services, Inc. subsidiary of the Company’s Employee Benefit Plans is a leading provider of employee benefit administration, trust services, fund administration services. ‘collective investment and actuarial advice to clients nationwide. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s shares trade under the symbol CBU. For more information on Community Bank, visit www.cbna.com or https://ir.communitybanksystem.com.
About Elmira Savings Bank
Elmira Savings Bank reported total assets as of September 30, 2021 of approximately $ 643.6 million. The bank’s business and personal customers benefit from personalized relationships, online and mobile banking options, with 12 branches in the Finger Lakes area of New York. Elmira Savings Bank is listed on the NASDAQ Capital Market and trades under the symbol ESBK. For more information on 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 actual results of CBU’s operations to differ materially from CBU’s expectations: operations of its acquisitions; competetion; changes in economic conditions, interest rates and financial markets; and changes in legislation or regulatory requirements. These statements are based on the current beliefs and expectations of the management of CBU, and CBU assumes no obligation to update any forward-looking statements.
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Joseph E. Sutaris, Executive Vice President and Chief Financial Officer
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