Community Financial System, Inc. · NYSE:CBU

Community Financial System — Community Bank System — Merger or Acquisition (October 2021)

6 slides from Community Financial System's merger presentation, Oct 4, 2021

  1. Slide 1: Acquisition of Elmira Savings Bank

    OCTOBER 2021 ACQUISITION OF ELMIRA SAVINGS BANK CBU LISTED NYSE

  2. Slide 2: Forward-looking statements

    This presentation contains certain “forward - looking statements” within the meaning of the Private Securities Litigation Reform A ct of 1995, including statements about Community Bank System’s long - term goals, financial condition, results of operations, earnings, levels of net loan charge - offs

  3. Slide 3: Transaction Highlights

    3 Transaction Highlights Highly Accretive In - Market Acquisition That Deepens Presence in Key Central and Southern Tier NY Markets ▪ Elmira Savings Bank is a quality banking franchise serving the market for 150+ years ▪ 12 branch locations and 1 LPO in Binghamton ▪ Highly complementary franchise wi

  4. Slide 4: Overview of Elmira Savings Bank

    4 Overview of Elmira Savings Bank ▪ Top 5 deposit market share in three counties (Chemung, Tompkins and Schuyler ) ▪ Consistent financial performance with further upside – Expanding core NIM in low interest rate environment ▪ Track record of clean credit quality – NPA/Assets below 1% – Cumulative NC

  5. Slide 5: Transaction Assumptions & Impact

    5 Transaction Assumptions & Impact Merger Consideration ▪ Elmira shareholders will receive $23.10 per share in cash ― Aggregate merger consideration of $82.8 million ▪ Bank - to - bank structure ― Elmira Savings Bank will merge with and into Community Bank, NA (CBNA) ― CBNA will utilize existing on

  6. Slide 6: Transaction Highlights

    6 Transaction Highlights x Deepens presence in key Central and Southern NY counties ‒ Consistent with CBU’s commitment to local markets x Consistently performing, complementary franchise – Compatible business lines x Highly accretive transaction with prudent assumptions and below average level of ex

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