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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: Wilber Corporation
Deal Type: Bank & Thrift Company
Agreement Date10/22/2010
Announcement Date10/25/2010
Announced Deal Value ($M)101.83
StatusCompleted
Completion Date4/8/2011
Announced Deal Value Per Share ($)9.50
Consideration Breakout
Cash ($M)20.4
Common Stock ($M)83.0
Common Stock Issued3,353,000

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)132.1138.4
Price / Tangible Book (%)140.5147.5
Price / Earnings (x)13.416.4
Price / Deposits (%)13.0814.43
Price / Assets (%)10.9611.89
Tangible Book Premium/ Deposits (%)4.595.44
 Deal Terms
Description of Consideration
Community Bank System Inc. paid $9.50 per share in cash or issued 0.3910 shares of common stock for each outstanding share of Wilber Corp., subject to 20% being paid in cash. The exchange ratio is derived after the adjustment made based on the buyer's closing price, with a $25.35-$19.71 cap/floor.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?In Market
Goodwill Generated ($000)48,953
Estimated Cost Savings (%)19.00
Estimated Cost Savings ($000)5,100
Est. Restructuring Charges ($000)7,700
Maximum Termination Fee ($000)4,000
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.391000
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)4,015
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1Accretive2.00NA195,100
2AccretiveNANANANA
 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
SellerYesHinman Howard & Kattell LLP

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