Community Financial System, Inc. Completes Acquisition of ClearPoint Federal Bank & Trust

About this update from Community Financial System, Inc.

Community Financial System, Inc. (NYSE: CBU) (the “Company”) through its wholly-owned banking subsidiary, Community Bank, N.A., is pleased to announce the completion of its acquisition of ClearPoint Federal Bank & Trust (“ClearPoint”). ClearPoint is a national leader in trust administration for the approximately $20 billion death care industry, with over $1.5 billion of assets under management and a historical three-year revenue compound annual growth rate of 9.7%. The transaction significantly expands the revenue and offerings of Nottingham Financial Group (“NFG”), the Company’s wealth management services business, and is consistent with the Company’s strategic focus on deploying capital into durable, recurring, and growing income streams. The new business will operate as ClearPoint Trust, a division of Community Bank, N.A. Dimitar A. Karaivanov, President and Chief Executive Officer of the Company, stated, “We are excited about the opportunity ClearPoint Trust brings to NFG’s expanding suite of products and services. The Company seeks innovative and sustainable sources of revenue, and the chance to provide funeral and cemetery trust services to this large and growing market is an excellent way to diversify and build on existing strengths. ClearPoint Trust’s team has extensive experience providing financial services to funeral homes and cemeteries, and with the greater resources the Company can provide, we expect this line of business to deliver a consistent and growing contribution to the Company’s bottom line.” The all-cash transaction is valued at $39 million, subject to potential purchase price adjustment. D.A. Davidson & Co. served as financial advisor, and Luse Gorman, PC served as legal advisor to Community Financial System, Inc. ClearPoint Federal Bank & Trust was advised by Keefe, Bruyette & Woods, Inc., a Stifel Company, and Covington & Burling LLP served as its legal counsel. About Community Financial System, Inc. Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking services, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $17 billion in assets and operates approximately 200 customer facilities across Upstat...

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