We are delighted to welcome the Steuben Trust team to the Community Bank organization and look forward to the future of the combined company.” Equally important, our institutions have similar organizational values and cultures that respect and value the people that contribute to our success. Steuben Trust has an impressive 117-year history of service to its customers, its communities and its shareholders, values which align closely with those of Community Bank.
We are confident that the Steuben Trust franchise will further support our efforts to grow our retail and business banking presence in Western New York. “Our move to establish a broader and deeper banking presence in this region is reflective of these growth objectives. Tryniski, President and Chief Executive Officer of Community Bank System. “Our acquisition of Steuben Trust will enhance and extend our banking footprint in Western New York, in markets which we successfully compete in and aspire to continue to grow,” said Mark E. The transaction is intended to qualify as a reorganization for federal income tax purposes, and as a result, the receipt of Community Bank System common stock by shareholders of Steuben Trust Corporation is expected to be tax-free. This price represents approximately 167% of Steuben Trust Corporation’s tangible book value as of June 30, 2019. Under the terms of the agreement, shareholders of Steuben Trust Corporation will receive, for each share of common stock they own, a combination of $12.60 cash and 0.8054 shares of Community Bank System common stock, for total consideration valued at approximately $63.00 per share (based on Community Bank System’s volume weighted average price of $62.58 for the thirty trading day period ending October 15, 2019). with improved scale in several more Western New York markets, including Buffalo and Rochester, with total assets of nearly $580 million, deposits of $480 million and 15 branch offices across a six county area. Steuben Trust provides Community Bank, N.A. This transaction will provide natural market enhancement and extension for both institutions, joining two high-quality, low-risk franchises with long histories of customer service, as well as a commitment to their communities. The transaction has been unanimously approved by the boards of directors of both companies. (“Community Bank System”) (NYSE: CBU) and Steuben Trust Corporation (OTC Pink: SBHO) today announced that they have entered into a definitive agreement pursuant to which Community Bank System will acquire Steuben Trust Corporation, parent company of Steuben Trust Company (“Steuben Trust”), in a stock and cash transaction representing total consideration valued at approximately $106.8 million. SYRACUSE, NY and HORNELL, NY-(BUSINESS WIRE) -Community Bank System, Inc. Community Bank System to Expand Its Western New York Presence with Acquisition of Steuben Trust Corporation
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