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 Merchants Bancshares, Inc. (“Merchants”)
(NASDAQ:MBVT) and its banking subsidiary, Merchants Bank, on May 12,
2017. As a combined financial institution, Community Bank System will
have approximately $11.0 billion in assets and $8.9 billion in deposits,
and expand its banking footprint across the State of Vermont and into
Western Massachusetts.
Mark E. Tryniski, President and Chief Executive Officer of Community
Bank System commented, “We are excited to welcome the customers,
employees, and stockholders of Merchants to Community Bank. Merchants
Bank has a rich tradition of community banking and serving its local
communities and that tradition will continue. Community Bank is pleased
to be expanding its footprint into New England and is committed to our
new employees and customers and the communities in which they live and
work. With this acquisition, we open a new chapter as a financial
institution with over $10 billion in assets and are well positioned for
the opportunities that lie ahead.”
In conjunction with the closing of the merger, two Merchants directors,
Jeffrey L. Davis, the former Chair of the Board of Directors of
Merchants, and Raymond C. Pecor, III, have been appointed to the Boards
of Directors of Community Bank System, Inc. and Community Bank, N.A.
Under the terms of the Agreement and Plan of Merger (“Merger
Agreement”), Merchants stockholders were entitled to elect the form of
merger consideration to be received in the transaction. Most of the
Merchants stockholders who submitted election forms by the election
deadline of May 9, 2017 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 230 customer facilities
across Upstate New York, Northeastern Pennsylvania, Vermont, and Western
Massachusetts through its banking subsidiary, Community Bank, N.A. In
addition to a full range of retail and business banking services, the
Company offers comprehensive financial planning, insurance and wealth
management services. The Company’s Benefit Plans Administrative
Services, Inc. subsidiary is a leading provider of employee benefits
administration and trust services, and actuarial and other 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/20170512005715/en/
Community Bank System, Inc.
Scott A. Kingsley, 315-445-3121
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.