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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: TLNB Financial Corp.
Deal Type: Bank & Thrift Company
Agreement Date1/9/2007
Announcement Date1/9/2007
Announced Deal Value ($M)17.60
StatusCompleted
Completion Date6/1/2007
Announced Deal Value Per Share ($)34.75
Consideration Breakout
Cash ($M)17.6

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)218.6213.7
Price / Tangible Book (%)242.2235.5
Price / Earnings (x)33.142.7
Price / Deposits (%)19.4920.71
Price / Assets (%)16.9917.81
Tangible Book Premium/ Deposits (%)14.9215.04
 Deal Terms
Description of Consideration
Community Bank paid $34.75 in cash for each share of TLNB Financial common stock. Ratios at completion are based on December 31, 2006 small parent equity LTM net income of $8,237,000 & $412,000, respectively.
Accounting MethodPurchase
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)14,289
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)NA
Maximum Termination Fee ($000)NA
Minimum Termination Fee ($000)NA
Exchange Ratio (Common For Common)NA
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNA
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)2,190
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
2AccretiveNANANANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesJanney Montgomery Scott LLC

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerNANA
SellerNANA

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