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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 Heritage Bank
Deal Type: Bank & Thrift Company
Agreement Date1/6/2004
Announcement Date1/6/2004
Announced Deal Value ($M)73.88
StatusCompleted
Completion Date5/14/2004
Announced Deal Value Per Share ($)99.50
Consideration Breakout
Common Stock ($M)62.6
Common Stock Issued2,592,213

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)249.3204.7
Price / Tangible Book (%)249.3204.7
Price / Earnings (x)23.119.5
Price / Deposits (%)33.7730.52
Price / Assets (%)25.6522.98
Tangible Book Premium/ Deposits (%)22.2117.18
 Deal Terms
Description of Consideration
CBU issued $85.00 in common stock for each share of First Heritage. Had CBU's price at closing been greater than $20.8250 and less than or equal to $28.175 it would have issued 4.082 shares for each First Heritage share.
Accounting MethodPurchase
In-State Transaction?No
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)30,946
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)3,000
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 ($000)6,934
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC
SellerYesDanielson Associates LLC

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesCozen O'Connor

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