Community Bank System has signed a definitive agreement to acquire Elmira Savings Bank (Elmira) in an all-cash deal valued at $82.8m.
As per the agreement, Community Bank System’s lending subsidiary Community Bank will acquire Elmira.
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Community Bank will offer $23.10 in cash to shareholders of Elmira for each share of common stock held.
Through the acquisition, Community Bank seeks to strengthen its presence in several Central New York and Southern Tier markets.
Elmira brings $648.7m in assets, $551.2m in deposits, $465.3m in net loans, and 12 branch offices.
Upon the completion of the deal, which is expected to happen in the first quarter of 2022, the combined entity will have $15.4bn in assets.
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By GlobalDataCommunity Bank System president and CEO Mark Tryniski said: “Our acquisition of Elmira Savings Bank will enhance and extend our banking footprint in the Finger Lakes Region, across markets which we successfully compete in and aspire to continue to grow our business.
“For over 150 years, Elmira Savings Bank has been engaged and committed to its customers, communities, and shareholders, values which align closely with those of Community Bank.”
Elmira president and CEO Thomas Carr said: “We are pleased to announce that we have entered into a merger agreement with Community Bank System, which is a financially strong and effectively managed bank. Our shareholders, customers and employees will all benefit from this merger.”
Last month, Valley National Bancorp signed an agreement to acquire the US arm of Bank Leumi Le-Israel for $1.14bn.
Earlier, US Bancorp agreed to acquire MUFG Union Bank’s core regional banking franchise from Mitsubishi UFJ Financial Group (MUFG) for $8bn.
