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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 ($M)22.40
Completion Date1/26/2001
Announced Deal Value Per Share ($)39.95
Consideration Breakout
Common Stock ($M)24.9
Common Stock Issued952,000

 Deal Pricing Ratios
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.

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