Community Bank System in Onondaga, New York, is acquiring Elmira Savings Bank in Elmira, New York.
Acquiring the $649 million-asset Elmira Savings Bank would raise the profile of the $14.8 billion-asset Community Bank System in several central and southern New York markets, the buyer said. It agreed to pay $82.8 million in cash.
The acquisition would “enhance and extend our banking footprint in the Finger Lakes Region, across markets which we successfully compete in and aspire to continue to grow our business,” Mark Tryniski, president and CEO of Community Bank System, said in a press release Monday. “This combination will establish a broader and deeper community banking presence in Central New York and the southern tier.”
Community Bank System, which was founded in 1869, would have about $15.4 billion of assets with the acquisition. The deal is expected to close in the first quarter of 2022.
Elmira Savings Bank has deposits of about $551 million and loans of $465 million. It has 12 branches across a five-county area.
Excluding one-time transaction costs, Community Bank System expects the deal to be accretive to earnings by 8 cents per share in 2022 and 15 cents in 2023.
