<SEC-DOCUMENT>0000723188-17-000008.txt : 20170209
<SEC-HEADER>0000723188-17-000008.hdr.sgml : 20170209
<ACCEPTANCE-DATETIME>20170209104359
ACCESSION NUMBER:		0000723188-17-000008
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170203
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170209
DATE AS OF CHANGE:		20170209

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMMUNITY BANK SYSTEM, INC.
		CENTRAL INDEX KEY:			0000723188
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				161213679
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13695
		FILM NUMBER:		17585643

	BUSINESS ADDRESS:	
		STREET 1:		5790 WIDEWATERS PKWY
		CITY:			DEWITT
		STATE:			NY
		ZIP:			13214
		BUSINESS PHONE:		8007242262

	MAIL ADDRESS:	
		STREET 1:		5790 WIDEWATERS PARKWAY
		CITY:			DEWITT
		STATE:			NY
		ZIP:			13214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY BANK NA, a subsidiary of Community Bank System Inc
		DATE OF NAME CHANGE:	20130729

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY BANK NA, a subsidiary of Community Bank System Inc.
		DATE OF NAME CHANGE:	20130726

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMUNITY BANK SYSTEM INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt">UNITED STATES</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt">SECURITIES AND EXCHANGE COMMISSION</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt">WASHINGTON, D.C.&#160; 20549</div>

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<div style="FONT-SIZE: 14pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt">FORM 8-K</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">CURRENT REPORT</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>

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<div style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt">Date of Report (Date of earliest event reported):&#160; <font style="FONT-SIZE: 12pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold">February 3, 2017</font></div>

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<div style="TEXT-DECORATION: underline; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">5790 Widewaters Parkway, DeWitt, New York </div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</div>
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<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold">Item 1.01</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">On February 3, 2017, Community Bank System, Inc. ("Community Bank System") entered into a Registration Rights Agreement with the entities and individuals designated on Schedule 1 thereto with respect to the shares of common stock (the "Shares") of Community Bank System that were issued in connection with its previously announced acquisition of Northeast Retirement Services, Inc., a Massachusetts corporation ("NRS").&#160; Pursuant to the Registration Rights Agreement, Community Bank System agreed to register all of the Shares with the SEC on a shelf registration statement not later than the closing date of the acquisition.&#160; The foregoing description of the Registration Rights Agreement does not purport to be complete and is qualified in its entirety by reference to the Registration Rights Agreement, which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.</div>

<div style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold">Item 2.01</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 5.14pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold">Completion of Acquisition or Disposition of Assets</font></div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">On February 3, 2017, Community Bank System completed its previously announced acquisition of NRS, pursuant to the Agreement and Plan of Merger, dated as of December 2, 2016 (the "Merger Agreement"), by and among Community Bank System, NRS, Cohiba Merger Sub, LLC ("Merger Sub"), and Shareholder Representative Services LLC, as Stockholders' Representative (the "Stockholders' Representative").&#160; Under the terms of the Merger Agreement, NRS merged with and into Merger Sub, a newly formed Delaware limited liability company and a direct wholly-owned subsidiary of Community Bank System, with Merger Sub continuing as the surviving entity (the "Merger").&#160; Immediately following the consummation of the Merger, Community Bank System contributed the surviving entity (which was renamed "Northeast Retirement Services, LLC") to its wholly-owned subsidiary, Benefit Plans Administrative Services, Inc. ("BPAS"), resulting in the surviving entity becoming a wholly-owned subsidiary of BPAS.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">The total consideration paid to the NRS stockholders (inclusive of amounts deposited into escrow to satisfy certain customary indemnification obligations of NRS stockholders) consists of approximately $70 million in cash and 1,322,364 shares of unregistered Community Bank System common stock.&#160; The Merger is intended to constitute a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Under the terms of the Merger Agreement, each NRS stockholder was entitled to elect the form of merger consideration to be received in the transaction.&#160; Each stockholder who submitted a completed Letter of Election and Transmittal prior to the election deadline of February 1, 2017 had the ability to elect to receive, for each share of NRS common stock: (i) $1,105.83 in cash, (ii) 20.9081 shares of Community Bank System common stock, par value $1.00 per share, or (iii) the combination of $552.92 in cash and 10.4541 shares of Community Bank System common stock.&#160; However, all elections were subject to certain adjustment and allocation procedures set forth in the Merger Agreement to ensure that approximately 50% of the NRS common stock was converted into cash and approximately 50% of the NRS common stock was converted into shares of Community Bank System common stock.&#160; In addition, at the closing of the Merger, Community Bank System deposited into escrow, to satisfy certain customary indemnification obligations of NRS stockholders, an amount per NRS share equal to 1.1628 shares of Community Bank System common stock and $61.50 in cash and paid to the Stockholders' Representative, on behalf of the NRS stockholders, an amount equal to $1.17 in cash per NRS share, to pay the Stockholders' Representative's fees and expenses.</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">The foregoing description of the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which was </div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">filed as Exhibit 2.1 to Community Bank System's Current Report on Form 8-K filed on December 7, 2016 and is incorporated herein by reference.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">The information set forth above and referenced under Item 2.01 that relates to the issuance of the Community Bank System common stock is hereby incorporated by reference into this Item 3.02.&#160; The issuance of the Company's common stock was made in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Financial Statements of Business Acquired.</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Pro Forma Financial Information</div>
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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Pro forma financial information is not required in connection with this acquisition pursuant to Article 11 of Regulation S-X.</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;Exhibit&#160;No.</u></div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>Description</u></div>

<div style="LINE-HEIGHT: 12.55pt">&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">10.1</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Registration Rights Agreement (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-3 filed on February 3, 2017 (File No. 333-215894)).</div>
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<div style="MARGIN-BOTTOM: 12pt; LINE-HEIGHT: 12.55pt"><br style="LINE-HEIGHT: 12.55pt">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">SIGNATURES</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 350pt; LINE-HEIGHT: 12.55pt">Community Bank System, Inc.</div>

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<div>&#160;</div>

<div>&#160;</div>

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<div>&#160;</div>
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<div>&#160;</div>
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<div>Title:&#160; EVP and General Counsel</div>
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<div>&#160;</div>
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<td style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, 'sans-serif'; WIDTH: 542px">
<div>&#160;</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Dated:&#160;February&#160;9, 2017</div>
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<div>&#160;</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">EXHIBIT&#160;INDEX</div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt"><u>&#160;Exhibit&#160;No.</u></div>
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<td style="WIDTH: 2.66%; VERTICAL-ALIGN: top">&#160;</td>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt"><u>Description</u></div>

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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 12.55pt">10.1</div>
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<div style="FONT-SIZE: 11pt; FONT-FAMILY: Arial, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: 12.55pt">Registration Rights Agreement (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-3 filed on February 3, 2017 (File No. 333-215894)).</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
