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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: Benefit Plans Administrative Services, Inc.
Target: Northeast Retirement Services, Inc.
Deal Type: Financial Technology Company
Agreement Date12/2/2016
Announcement Date12/5/2016
Announced Deal Value ($M)125.12
Announced Deal Value, As Reported ($M)140.00
StatusCompleted
Completion Date2/3/2017
Announced Deal Value Per Share ($)NA
Consideration Breakout
Cash ($M)73.1
Common Stock ($M)66.9
Common Stock Issued1,322,364

 Deal Terms
Description of Consideration
Community Bank System Inc. paid $1,105.83 per share in cash or exchanged 20.9081 shares of its common stock for each outstanding share of Northeast Retirement Services Inc. held by the shareholders of Northeast Retirement Services Inc., subject to 50% of the consideration being paid in stock. In addition to this, Community Bank System Inc. also paid $319.04 per share in cash or exchanged 14.876 shares of its common stock for each outstanding share of Northeast Retirement Services Inc. held by Brookline Bancorp Inc.
Percent Acquired (%)100.00
Purchase MethodAcquisition
Merger of Equals?NA
Estimated Cost Savings (%)NA
Estimated Cost Savings ($000)NA
Est. Restructuring Charges ($000)26,000
 Deal Advisers - Financial Advisers
Party AdvisedAdviser Hired?Firm Name
BuyerYesRaymond James & Assoc. Inc.
SellerYesLoomis & Co.

 Deal Advisers - Legal Counsel
Party AdvisedAdviser Hired?Firm Name
BuyerYesCadwalader Wickersham & Taft
SellerYesNutter McClennen & Fish LLP

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