Community Bank System, Inc. (NYSE: CBU) and its wholly-owned banking subsidiary, Community Bank, N.A. (CBNA) announced today that on November 7, 2008 it completed the acquisition of 18 branch-banking centers in northern New York from Citizens Financial Group, Inc. (Citizens). Under the terms of the agreement, Community Bank acquired approximately $575 million in deposits and a $115 million in loans.
“This transaction represents a very attractive opportunity for us,” said Community Bank System President and Chief Executive Officer, Mark E. Tryniski. “ It’s a logical expansion of our market-leading northern New York footprint and includes a highly attractive base of core funding relationships. This transaction strengthens our presence in Plattsburgh and Clinton County to a ‘number-one’ market share position, through the addition of four branches in Plattsburgh and one in Champlain. It also provides a significant broadening of our presence in Franklin, Essex, and Lewis counties, with branches in Malone, Fort Covington, Tupper Lake, Saranac Lake, Lake Placid, Ausable Forks, Newcomb, Ticonderoga, and Lyons Falls. In addition, we gain a solid market presence in Hamilton, Warren, and Washington counties through the branch locations in Long Lake, Indian Lake, North Creek, and Whitehall. We are pleased to be gaining a dedicated and talented group of employees who share our culture of delivering exceptional customer service and have the same community-based values under which we operate.”
The eighteen former Citizens branches reopened today as branches of Community Bank, N.A. As a result of the acquisition, customers now have access to 55 branches and ATMs across Northern New York State. “Our new customers will find the same friendly and experienced associates and a wider network of branches and ATMs to choose from, and our new employees will find that Community Bank, N.A. is deeply committed to their success and to the success of the customers and communities we serve,” added Tryniski.
Community Bank System, Inc. is based in DeWitt, N.Y., with $5.3 billion in assets and 160 customer facilities across Upstate New York, where it operates as Community Bank, N.A., and Northeastern Pennsylvania, where it is known as First Liberty Bank & Trust. Its other subsidiaries include: BPAS, an employee benefits administration and consulting firm with offices in Upstate New York, Pennsylvania, and Houston; the CBNA Insurance Agency, with offices in three northern New York communities; Community Investment Services, Inc., a broker-dealer delivering financial products throughout the company’s branch network; and Nottingham Advisors, a wealth management and advisory firm with offices in Buffalo, N.Y., and North Palm Beach, Fla. For more information, please visit our websites at: www.communitybankna.com or www.firstlibertybank.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from CBU’s expectations: the successful integration of operations of its acquisitions; competition; changes in economic conditions, interest rates and financial markets; and changes in legislation or regulatory requirements. CBU does not assume any duty to update forward-looking statements.
Contacts:
Scott A. Kingsley
E.V.P.
and Chief Financial Officer
315-445-3121
