Community Bank Strengthens Regional Presence Following Elmira Savings Bank Integration

Community Bank System, Inc. (NYSE: CBU) has finalized its acquisition of Elmira Savings Bank, marking a significant expansion in the Central New York and Southern Tier markets. The transaction, which closed on May 13, 2022, involved an all-cash deal valued at approximately $82.8 million, with Elmira shareholders receiving $23.10 per share.

Financial Impact and Market Expansion

The merger reinforces Community Bank’s position as a substantial regional financial institution. Post-acquisition, Community Bank System now manages over $16.2 billion in total assets and oversees deposits exceeding $13.8 billion. The integration added eight new branch locations across a five-county service area, enhancing the bank’s geographic footprint and accessibility for customers in neighboring regions.

Strategic Integration and Customer Transition

Mark E. Tryniski, President and Chief Executive Officer of Community Bank System, emphasized the cultural alignment between the two institutions. “The integration reflects our shared commitment to delivering exceptional customer service and deeply understanding our communities’ unique banking requirements,” he stated. Both organizations demonstrated collaborative resolve in navigating integration challenges, ensuring a smooth transition for Elmira’s customer base to Community Bank’s platform.

The combined entity now operates more than 220 customer service locations across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through Community Bank, its primary banking subsidiary. This expanded network positions the organization among the country’s 125 largest banking institutions.

Shareholder Payment Processing

Computershare Trust Company, N.A., designated as the Paying Agent, is managing the distribution of merger consideration to Elmira shareholders. Exchange documentation will be transmitted within five to ten business days, with shareholders able to direct inquiries to Computershare at (800) 546-5141.

Broader Service Capabilities

Beyond traditional retail and commercial banking, Community Bank System delivers comprehensive wealth management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. divisions. The institution also operates Benefit Plans Administrative Services, Inc., a nationally recognized provider specializing in employee benefits administration and actuarial consulting.

Community Bank System is listed on the New York Stock Exchange under ticker symbol CBU and serves as a key financial infrastructure provider across its operational regions.