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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: First Liberty Bank Corp.
Deal Type: Bank & Thrift Company
Agreement Date11/29/2000
Announcement Date11/29/2000
Announced Deal Value ($M)87.10
StatusCompleted
Completion Date5/11/2001
Announced Deal Value Per Share ($)13.61
Consideration Breakout
Common Stock ($M)98.2
Common Stock Issued3,566,000

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)144.0156.5
Price / Tangible Book (%)155.3167.9
Price / Earnings (x)17.721.3
Price / Deposits (%)17.5320.00
Price / Assets (%)13.4715.64
Tangible Book Premium/ Deposits (%)7.219.18
 Deal Terms
Description of Consideration
First Liberty shareholders received 0.56 share of Community Bank System common stock for each share held.
Accounting MethodPooling 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 ($000)NA
Exchange Ratio (Common For Common)0.560000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementYes
Strike Price ($)13.2500
% of Shares Outstanding19.90
Shares Under Option1,267,359
Core Deposit Intangibles ($000)NM
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC
SellerYesBoenning & Scattergood Inc.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesStevens & Lee PC

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