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 System, Inc.
Target:
ES&L Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
4/20/2006
Announcement Date:
4/20/2006
Announced Deal Value ($ M):
39.49
Status:
Completed
Completion Date:
8/11/2006
Announced Deal Value Per Share ($ )
50.75

Consideration Breakout
Cash ($M) 39.5

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 178.2 178.2
Price / Tangible Book (%) 178.2 178.2
Price / Earnings (x) 14.1 14.1
Price / Deposits (%) 28.05 28.05
Price / Assets (%) 18.73 18.73
Tangible Book Premium/ Deposits (%) 18.56 18.56
Deal Terms
Description of Consideration

Community Bank System Inc. paid $50.75 in cash for each share of ES&L Bancorp Inc. common stock outstanding.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 17,947
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,750
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 1,313
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Janney Montgomery Scott LLC
Seller Yes RP Financial LC.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Bond Schoeneck & King PLLC
Seller Yes Muldoon Murphy & Aguggia LLP
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