M&A Deal Summary

Community Bank Acquires Citizens Bank - 18 Branches

On November 7, 2008, Community Bank acquired financial services company Citizens Bank - 18 Branches from Citizens Financial Group

Acquisition Highlights
  • This is Community Bank’s 3rd transaction in the Financial Services sector.
  • This is Community Bank’s 5th transaction in the United States.
  • This is Community Bank’s 4th transaction in New York.

M&A Deal Summary
Date 2008-11-07
Target Citizens Bank - 18 Branches
Sector Financial Services
Buyer(s) Community Bank
Sellers(s) Citizens Financial Group
Deal Type Divestiture

Target

Citizens Bank - 18 Branches

New York, United States
Citizens branches in Plattsburgh and one each in Champlain, AuSable Forks, Malone, Fort Covington, Tupper Lake, Saranac Lake, Lake Placid, Newcomb, Ticonderoga, Lyons Falls, Long Lake, Indian Lake, North Creek and Whitehall.

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Buyer(S) 1

Buyer

Community Bank

Dewitt, New York, United States
Category Company
Founded 1866
Sector Financial Services
Employees2,839
Revenue 652M USD (2023)
DESCRIPTION

Community Bank is a financial company that provides various deposit products including checking, savings and money market accounts as well as time deposits. Community Bank was incorporated in 1866 and is based in Dewitt, New York.

DEAL STATS #
Overall 5 of 13
Sector (Financial Services) 3 of 10
Type (Divestiture) 1 of 3
State (New York) 4 of 9
Country (United States) 5 of 12
Year (2008) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2007-05-18 Hand Benefits & Trust

Houston, Texas, United States

Hand Benefits & Trust Co. provides financial services in US.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-25 The Wilber

Oneonta, New York, United States

The Wilber Corp. is an operator as a traditional commercial bank in the central New York market with 22 branch offices located in Otsego, Delaware, Schoharie, Ulster, Chenango, Onondaga, Saratoga, and Broome Counties, along with a loan production office located in Saratoga County.

Buy $102M

Seller(S) 1

SELLER

Citizens Financial Group

Providence, Rhode Island, United States
Category Company
Founded 1828
Sector Financial Services
Employees17,800
DESCRIPTION

Citizens Financial Group, Inc. operates as the bank holding company for Citizens Bank, N.A. and Citizens Bank of Pennsylvania that provide banking products and services.

DEAL STATS #
Overall 3 of 7
Sector (Financial Services) 2 of 6
Type (Divestiture) 3 of 7
State (New York) 1 of 1
Country (United States) 3 of 7
Year (2008) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-03-26 The Feitelberg

Fall River, Massachusetts, United States

The Feitelberg Company, Inc. is a provider of insurance and risk management services.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2009-03-20 Citizens Financial Group - 65 Branches

Indiana, United States

Citizens Financial Group - 65 Branches in Indiana provides banking services.

Sell -
Mergr

Product

Company

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