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:
Kinderhook Bank Corp.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/21/2019
Announcement Date:
1/22/2019
Announced Deal Value ($ M):
93.16
Status:
Completed
Completion Date:
7/12/2019
Announced Deal Value Per Share ($ )
62.00

Consideration Breakout
Cash ($M) 93.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 171.2 164.5
Price / Tangible Book (%) 192.9 184.3
Price / Earnings (x) 23.4 17.1
Price / Deposits (%) 16.72 16.87
Price / Assets (%) 14.64 14.74
Tangible Book Premium/ Deposits (%) 9.14 NA
Deal Terms
Description of Consideration

Community Bank System Inc. paid $62.0 per share in cash for each of the outstanding share of Kinderhook Bank Corp.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) NA
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 4,889
Est. Restructuring Charges ($ 000) 10,000
Maximum Termination Fee ($ 000) 3,700
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) 9,800
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Loomis & Co.
Seller Yes Endicott Financial Advisors
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Cadwalader Wickersham & Taft
Seller Yes Cranmore FitzGerald & Meaney
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