SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (“Community Bank System”) (NYSE:CBU), the
parent company of Community Bank, N.A., announced today that it
completed its merger with Oneida Financial Corp. (“Oneida Financial”)
(NASDAQ: ONFC) and its banking subsidiaries, The Oneida Savings Bank
(“Oneida Savings Bank”) and State Bank of Chittenango, on December 4,
2015. As a combined financial institution, Community Bank System will
have approximately $8.5 billion in assets and $6.8 billion in deposits,
and expand its banking footprint in the Mohawk Valley and Central New
York.
Mark E. Tryniski, President and Chief Executive Officer of Community
Bank System commented, “We are excited about the addition of Oneida
Savings Bank and OneGroup to our range of retail and business banking
services as well as insurance, benefits consulting, and wealth
management services. Oneida Savings Bank’s rich tradition of community
banking and serving its local communities will continue with Community
Bank, N.A. We are committed to our employees and customers and the
communities in which they live and work. We welcome Oneida Financial’s
customers, stockholders and employees to Community Bank.”
In conjunction with the closing of the merger, two Oneida Financial
directors, Michael R. Kallet, the former Chairman of the Board of
Directors and Chief Executive Officer of Oneida Financial, and Eric E.
Stickels, the former President and Chief Operating Officer of Oneida
Financial, have been appointed to the Boards of Directors of Community
Bank System and Community Bank, N.A.
Under the terms of the Agreement and Plan of Merger (“Merger
Agreement”), Oneida Financial stockholders were entitled to elect the
form of merger consideration to be received in the transaction. Most of
the Oneida Financial stockholders who submitted election forms by the
election deadline of November 25, 2015 made the “all-stock” election to
receive their merger consideration solely in the form of shares of
Community Bank System common stock. The Exchange Agent, American Stock
Transfer & Trust Company, LLC, is in the process of determining the
allocation and proration of the merger consideration in accordance with
the Merger Agreement, and the final results will be reported in a
separate press release as soon as the information becomes available.
About Community Bank System, Inc.
Community Bank System, Inc. operates more than 200 customer facilities
across Upstate New York and Northeastern Pennsylvania through its
banking subsidiary, Community Bank, N.A. With assets of approximately
$8.5 billion, the DeWitt, N.Y. headquartered company is among the
country’s 150 largest financial institutions. In addition to a full
range of retail and business banking services, the Company offers
insurance, benefits consulting and wealth management services. The
Company’s Benefit Plans Administrative Services, Inc. subsidiary is a
leading provider of employee benefits administration and trust services,
actuarial and consulting services to customers on a national scale.
Community Bank System, Inc. is listed on the New York Stock Exchange and
the Company’s stock trades under the symbol CBU. For more information
about Community Bank visit www.communitybankna.com
or http://ir.communitybanksystem.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.These statements are
based on the current beliefs and expectations of CBU’s management and
CBU does not assume any duty to update forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151207005456/en/
Community Bank System, Inc.
Scott A. Kingsley, EVP & Chief
Financial Officer
315-445-3121
Source: Community Bank System, Inc.