Deal values, assets, and deposits are as of the Announcement Date. Deals announced from 1996 to present.

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Deal Overview

Buyer:
Community Bank System, Inc.
Actual Acquirer:
Community Bank NA
Target:
Citizens National Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
9/13/2000
Announcement Date:
9/13/2000
Announced Deal Value ($ M):
22.40
Status:
Completed
Completion Date:
1/26/2001
Announced Deal Value Per Share ($ )
39.95

Consideration Breakout
Common Stock ($M) 24.9
Common Stock Issued 952,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 181.8 196.4
Price / Tangible Book (%) 181.8 196.4
Price / Earnings (x) 17.4 23.9
Price / Deposits (%) 23.79 26.20
Price / Assets (%) 19.28 21.38
Tangible Book Premium/ Deposits (%) 11.95 15.21
Deal Terms
Description of Consideration

Citizens Bank shareholders received 1.70 shares of Community common stock for each outstanding share held.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 13,655
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 1.700000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) NA
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes CIBC World Markets Corp.
Seller Yes Crowe LLP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bond Schoeneck & King PLLC
Seller Yes Mackenzie Smith Lewis et al.
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