Savings bank

Community Bank System Obtains Regulatory Approval for Acquisition of Elmira Savings Bank


DeWitt-based Community Bank System, Inc. (NYSE: CBU) announced Friday that it has received regulatory approvals from the U.S. Office of the Comptroller of the Currency for its proposed acquisition of Elmira Savings Bank. Pictured is the Skaneateles branch of the Community Bank. (Adam Rombel/CNYBJ file photo)

DeWITT, NY – Community Bank System, Inc. (NYSE: CBU) announced on Friday that it has received regulatory approval from the U.S. Office of the Comptroller of the Currency for its acquisition of Elmira Savings Bank (NASDAQ: ESBK).

The DeWitt-based banking company also said it had obtained a waiver from filing an application with the Federal Reserve Bank of New York for the transaction.

The acquisition, which was valued at approximately $83 million when first announced last fall, is expected to close on May 13, subject to customary closing conditions and approval from the Department of Financial Services. New York State.

“Community Bank is delighted to welcome the customers and employees of Elmira Savings Bank to our family as we work together to integrate two high quality banks with a long history of serving their customers and their communities,” Mark Tryniski , president and CEO of Community Bank System, said in a statement. “We are dedicated to Elmira Savings Bank customers and both teams strive 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, Community Bank System announced for the first time that it would acquire Elmira Savings Bank in an all-cash transaction valued at $82.8 million. Community Bank believes the transaction will provide it with an “enhanced presence” in several central and southern New York markets, including Elmira, Corning and Ithaca.

Elmira Savings Bank has total assets of $632 million and 12 branches in an area of ​​five counties, mostly in the southern part.


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