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Community Bank System releases results of allocation, proration of Merchants Bancshares merger consideration.

BANKING AND CREDIT NEWS-May 22, 2017-Community Bank System releases results of allocation, proration of Merchants Bancshares merger consideration

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Community Bank System, Inc. (NYSE: CBU) has announced today that American Stock Transfer & Trust Company, LLC, the Exchange Agent for the merger with Merchants Bancshares, Inc. ("Merchants"), has completed the process of determining the allocation and proration of the merger consideration in accordance with the Agreement and Plan of Merger, dated as of October 22, 2016, with respect to the merger, Community Bank said.

Under the terms of the Merger Agreement, Merchants stockholders were entitled to elect the form of merger consideration to be received in the transaction.

Each stockholder who submitted a completed Letter of Election and Transmittal prior to the election deadline of May 9, 2017 had the ability to elect to receive, for each share of Merchants common stock, (a) USD 40.00 in cash (the "Cash Consideration"), (b) 0.9630 shares of Community Bank System common stock, par value USD 1.00 per share, and cash in lieu of fractional shares, if any (the "Stock Consideration"), or (c) a combination of USD 12.00 in cash and 0.6741 shares of Community Bank System common stock, and cash in lieu of fractional shares, if any (the "Mixed Election Consideration," and together with the Cash Consideration and the Stock Consideration, the "Merger Consideration").

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. With assets of approximately USD 11.0bn, the DeWitt, N.Y. headquartered company is among the country's 150 largest financial institutions.

In addition to a full range of retail, municipal, and business banking services, the company offers comprehensive financial planning, insurance and wealth management services.

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Publication:M2 Banking & Credit News (BCN)
Date:May 22, 2017
Words:316
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