Investment Banking - Elmira Savings Bank

Transactions | Banking

Client: Elmira Savings Bank
Industry: Banking
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor

Community Bank System, Inc. to Expand Its Presence in the Central New York and Southern Tier Regions with Acquisition of Elmira Savings Bank

  • Elmira Savings Bank (NASDAQ: ESBK) (“ESB”) operates through a network of 12 offices located in Chemung, Tompkins, Cayuga, Schuyler, Steuben, and Broome Counties, New York. Elmira Savings Bank was founded in 1869 and is based in Elmira, New York. As of June 30, 2021, ESB had $648.7 million in total assets, $476.9 million in gross loans, and $551.2 million in deposits.
  • Community Bank System, Inc. (NYSE: CBU) operates more than 215 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of over $14.8 billion as of June 30, 2021, the DeWitt, New York headquartered company is among the country’s 125 largest banking institutions.
  • Under the terms of the agreement, shareholders of ESB will receive $23.10 in cash per share. The aggregate transaction value is approximately $82.8 million and represents approximately 165.7% of ESB’s tangible book value as of June 30, 2021. Based on ESB’s closing stock price on September 30, 2021, the per share consideration represents a 73.2% market premium. Upon completion of the transaction, the combined company is expected to have over $15.4 billion in assets.
  • The transaction is expected to close in the first quarter of 2022.
  • Boenning & Scattergood is serving as financial advisor and rendered a fairness opinion to Elmira Savings Bank.

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