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

Return to Mergers & Acquisitions

Deal Overview

Buyer:
Community Bank System, Inc.
Actual Acquirer:
Community Bank NA
Target:
First Liberty Bank Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/29/2000
Announcement Date:
11/29/2000
Announced Deal Value ($ M):
87.10
Status:
Completed
Completion Date:
5/11/2001
Announced Deal Value Per Share ($ )
13.61

Consideration Breakout
Common Stock ($M) 98.2
Common Stock Issued 3,566,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 144.0 156.5
Price / Tangible Book (%) 155.3 167.9
Price / Earnings (x) 17.7 21.3
Price / Deposits (%) 17.53 20.00
Price / Assets (%) 13.47 15.64
Tangible Book Premium/ Deposits (%) 7.21 9.18
Deal Terms
Description of Consideration

First Liberty shareholders received 0.56 share of Community Bank System common stock for each share held.

Accounting Method Pooling of Interests
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) 23.00
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 10,000
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.560000
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement Yes
Strike Price ($ ) 13.2500
% of Shares Outstanding 19.90
Shares Under Option 1,267,359
Core Deposit Intangibles ($ 000) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Janney Montgomery Scott LLC
Seller Yes Boenning & Scattergood Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bond Schoeneck & King PLLC
Seller Yes Stevens & Lee PC
Copyright 2019, © S&P Global Market Intelligence  Terms of Use