COMMUNITY BANK SYSTEM, INC.
5790 Widewaters Parkway
DeWitt, N.Y. 13214
5790 Widewaters Parkway
DeWitt, N.Y. 13214
For
further information contact:
Scott A. Kingsley
E.V.P. and Chief Financial Officer
(315) 445-3121
Scott A. Kingsley
E.V.P. and Chief Financial Officer
(315) 445-3121
Community Bank System to Acquire Tupper Lake National Bank
Syracuse, N.Y. — January 9, 2007 — Community Bank System, Inc. (NYSE:
CBU) has entered into an agreement to acquire TLNB Financial Corporation,
parent company of Tupper Lake National Bank, in an all-cash transaction valued
at approximately $17.6 million, or $34.75 per share.
Based in Tupper Lake, N.Y., Tupper Lake National Bank operates five
branches in the northeastern New York State cities of Tupper Lake, Plattsburgh
and Saranac Lake, as well as an insurance subsidiary, TLNB Insurance Agency,
Inc. All together the company has approximately $100 million in assets and $87
million of deposits.
“This transaction represents a very attractive opportunity for us,” said
Community Bank System President and Chief Executive Officer, Mark E. Tryniski.
“Its Plattsburgh and Saranac Lake locations will mark our first entry into the
counties of Clinton and Essex, respectively. It is a very logical extension of
our northern New York footprint into markets that we’ve been looking to expand
into for some time. In addition, it’s an opportunity for us to strengthen our
presence in Franklin County to a ‘number-one’ market share position, via its
two Tupper Lake branches. And like nearly all of the acquisitions we’ve made
in recent years, we’ll be gaining a customer base that has not had access to
the breadth of retail, commercial, and financial services products we offer.”
The transaction is expected to be completed during the second quarter of
2007, pending regulatory and TLNB Financial shareholder approval.
“This is an excellent relationship for Tupper Lake National Bank
customers, employees, and shareholders,” said Martin M. Bier, TLNB Financial
President and Chief Executive Officer. “Community Bank is an ideal partner for
us. It has a long-standing presence in the Northern New York region and is
clearly committed to our markets. It has a proven management team and board of
directors with a clear strategy for growth, and a long track record of superior
results. Our customers will benefit by gaining access to a wider range of
products from a company whose culture is driven by exceptional customer service
and the same community-based values under which we operate. In addition, the
opportunities for advancement for our associates are now greater than ever
before, which should help ensure a smooth transition for Tupper Lake National
Bank’s dedicated team of employees.”
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