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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: ES&L Bancorp, Inc.
Deal Type: Bank & Thrift Company
Agreement Date4/20/2006
Announcement Date4/20/2006
Announced Deal Value ($M)39.49
StatusCompleted
Completion Date8/11/2006
Announced Deal Value Per Share ($)50.75
Consideration Breakout
Cash ($M)39.5

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)178.2178.2
Price / Tangible Book (%)178.2178.2
Price / Earnings (x)14.114.1
Price / Deposits (%)28.0528.05
Price / Assets (%)18.7318.73
Tangible Book Premium/ Deposits (%)18.5618.56
 Deal Terms
Description of Consideration
Community Bank System Inc. paid $50.75 in cash for each share of ES&L Bancorp Inc. common stock outstanding.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)17,947
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)1,750
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)1,313
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC
SellerYesRP Financial LC

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesMuldoon Murphy & Aguggia LLP

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