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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: Oneida Financial Corp.
Deal Type: Bank & Thrift Company
Agreement Date2/24/2015
Announcement Date2/24/2015
Announced Deal Value ($M)142.23
StatusCompleted
Completion Date12/4/2015
Announced Deal Value Per Share ($)19.99
Consideration Breakout
Cash ($M)56.3
Common Stock ($M)100.2
Common Stock Issued2,780,000

 Deal Pricing Ratios
 AnnouncementCompletion
Price / Book (%)146.6160.8
Price / Tangible Book (%)202.1219.9
Price / Earnings (x)27.443.6
Price / Deposits (%)20.6422.41
Price / Assets (%)17.8219.44
Tangible Book Premium/ Deposits (%)11.6113.41
 Deal Terms
Description of Consideration
Community Bank System Inc. paid $20 per share in cash or exchanged 0.5635 shares of its common stock for each outstanding share of Oneida Financial Corp. subject to 60% of the consideration being paid in stock.
Accounting MethodAcquisition
In-State Transaction?Yes
Merger of Equals?No
Geographic Expansion?Partial Overlap
Goodwill Generated ($000)100,250
Estimated Cost Savings (%)16.00
Estimated Cost Savings ($000)8,000
Est. Restructuring Charges ($000)12,000
Maximum Termination Fee ($000)4,930
Minimum Termination Fee ($000)0
Exchange Ratio (Common For Common)0.563500
Exchange Ratio (Common For Preferred)NA
Exchange Ratio (Preferred For Common)NA
Exchange Ratio (Preferred For Preferred)NA
Lockup AgreementNo
Strike Price ($)NA
% of Shares OutstandingNA
Shares Under OptionNA
Core Deposit Intangibles ($000)2,570
 Additional Deal Information
Post-Completion
Year
Deal
Accretive?
Earnings
Accretion(%)
Earnings
Accretion($)
Est. Cost
Savings(%)
Est. Cost
Savings($000)
1AccretiveNANANANA
2AccretiveNA0.07168,000
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRBC Capital Markets LLC
SellerYesKeefe Bruyette & Woods Inc.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesBond Schoeneck & King PLLC
SellerYesLuse Gorman PC

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