Investor Relations
Branch / ATM Locations


Entire IR Site Press Releases Only Filings Only
Email pagePDF viewPrint viewEmail AlertMobile IR siteRSS FeedsTear sheet
Mergers & AcquisitionsCOMMUNITY BANK SYSTEM, INC. (NYSE - CBU) 
Deal values, assets, and deposits are as of the Announcement Date. Deals announced from 1996 to present.
M&A History<< Return to Mergers & Acquisitions
 Deal Overview
Buyer: Community Bank System, Inc.
Actual Acquirer: Community Bank NA
Target: Citizens National Bank
Deal Type: Bank & Thrift Company
Agreement Date9/13/2000
Announcement Date9/13/2000
Announced Deal Value ($M)22.40
StatusCompleted
Completion Date1/26/2001
Announced Deal Value Per Share ($)39.95
Consideration Breakout
Common Stock ($M)24.9
Common Stock Issued952,000

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)181.8196.4
Price / Tangible Book (%)181.8196.4
Price / Earnings (x)17.423.9
Price / Deposits (%)23.7926.20
Price / Assets (%)19.2821.38
Tangible Book Premium/ Deposits (%)11.9515.21
 Deal Terms
Description of Consideration
Citizens Bank shareholders received 1.70 shares of Community common stock for each outstanding share held.
Accounting MethodPurchase
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 ($000)NA
Exchange Ratio (Common For Common)1.700000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesCIBC World Markets Corp.
SellerYesCrowe LLP

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesMackenzie Smith Lewis et al.

Copyright 2019, © S&P Global Market Intelligence  Terms of Use

Corporate Profile
Officers & Directors
Corporate Governance
Mergers & Acquisitions
Deposit Marketshare
Branch Locator
Branch Map
Press Releases
Archived Earnings Releases
Investor Presentations & Reports
Investor Fact Sheet
Webcasts
Stock Chart
Basis Calculator
Total Return Calculator
Historic Prices
Stock Splits & Dividends
Analyst Estimates
Insider SEC Filings
Insider Transactions
Institutional Ownership
SEC Filings & Annual Report
Acquisition Tax Information
Financial Highlights
Peer Analysis
Credit Ratings
Investors Choice Program
Event Calendar
Email Notification
Information Request
FAQ
RSS Feeds