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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 System, Inc.
Target: Grange National Banc Corp.
Deal Type: Bank & Thrift Company
Agreement Date6/7/2003
Announcement Date6/7/2003
Announced Deal Value ($M)80.13
StatusCompleted
Completion Date11/24/2003
Announced Deal Value Per Share ($)44.84
Consideration Breakout
Cash ($M)22.8
Common Stock ($M)61.3
Common Stock Issued2,294,182

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)281.9280.1
Price / Tangible Book (%)282.6280.5
Price / Earnings (x)20.320.5
Price / Deposits (%)37.1639.20
Price / Assets (%)28.8530.11
Tangible Book Premium/ Deposits (%)29.1730.35
 Deal Terms
Description of Consideration
Community paid $42.50 in cash or $48.88 in stock for each share of Grange, subject to 55% to 70% of shares being exchanged for stock. If Community averaged between $40.43 and $29.88 the stock ratio was fixed at 1.209 shares.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)NA
Estimated Cost Savings (%)17.00
Estimated Cost Savings ($000)1,280
Est. Restructuring Charges ($000)1,500
Maximum Termination Fee ($000)3,165
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)NA
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1Accretive2.500.08NANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC
SellerYesSandler O'Neill & Partners LP

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesDilworth Paxson LLP

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