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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: ONB Corporation
Deal Type: Bank & Thrift Company
Agreement Date8/2/2006
Announcement Date8/2/2006
Announced Deal Value ($M)15.67
StatusCompleted
Completion Date12/1/2006
Announced Deal Value Per Share ($)210.00
Consideration Breakout
Cash ($M)15.7

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)167.9167.9
Price / Tangible Book (%)167.9167.9
Price / Earnings (x)21.021.0
Price / Deposits (%)18.9218.92
Price / Assets (%)16.4116.41
Tangible Book Premium/ Deposits (%)8.388.38
 Deal Terms
Description of Consideration
Community Bank System Inc. paid $15.7 million in cash to acquire ONB Corp. Seller's financials are of Ontario National Bank.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)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 ($000)NA
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC
SellerYesSandler O'Neill & Partners LP

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesHarter Secrest & Emery LLP

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