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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: Kinderhook Bank Corp.
Deal Type: Bank & Thrift Company
Agreement Date1/21/2019
Announcement Date1/22/2019
Announced Deal Value ($M)93.16
StatusPending
Completion DateNA
Announced Deal Value Per Share ($)62.00
Consideration Breakout
Cash ($M)93.2

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)171.2NA
Price / Tangible Book (%)192.9NA
Price / Earnings (x)23.4NA
Price / Deposits (%)16.72NA
Price / Assets (%)14.64NA
Tangible Book Premium/ Deposits (%)9.14NA
 Deal Terms
Description of Consideration
Community Bank System Inc. will pay $62.0 per share in cash for each of the outstanding share of Kinderhook Bank Corp.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Market Expansion
Goodwill Generated ($000)NA
Estimated Cost Savings (%)30.00
Estimated Cost Savings ($000)4,889
Est. Restructuring Charges ($000)10,000
Maximum Termination Fee ($000)3,700
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 ($000)9,800
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNA0.07NANA
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesLoomis & Co.
SellerYesEndicott Financial Advisors

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesCadwalader Wickersham & Taft
SellerYesCranmore FitzGerald & Meaney

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