Community Bank System Gets Approvals For Elmira Savings Bank Merger

(RTTNews) - Community Bank System, Inc. (CBU) announced Friday that it has received regulatory approvals from the Office of the Comptroller of the Currency and a waiver from filing an application with the Federal Reserve Bank of New York for the proposed merger of Elmira Savings Bank (ESBK) with and into Community Bank, N.A., the Company's wholly-owned banking subsidiary.

The Merger is expected to close on May 13, 2022, subject to customary closing conditions and approval from the New York State Department of Financial Services.

On October 4, 2021, the Company announced that Community Bank, N.A. entered into a definitive agreement with Elmira Savings Bank, pursuant to which Community Bank, N.A. will acquire Elmira Savings Bank in an all cash transaction representing total consideration valued at approximately $82.8 million.

The merger will provide Community Bank, N.A. with an improved presence in several Central New York and Southern Tier markets, including Elmira, Corning, and Ithaca.