Community Financial System Acquires Oneida Financial Corp.
Ticker: CBU · Form: 8-K · Filed: Dec 19, 2024 · CIK: 723188
| Field | Detail |
|---|---|
| Company | Community Financial System, Inc. (CBU) |
| Form Type | 8-K |
| Filed Date | Dec 19, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, financials
TL;DR
CFS just bought Oneida Financial for $120M, expanding their footprint.
AI Summary
Community Financial System, Inc. announced on December 18, 2024, that it has completed its previously announced acquisition of Oneida Financial Corp. The transaction was valued at approximately $120 million. This acquisition is expected to enhance Community Financial System's market presence and expand its service offerings.
Why It Matters
This acquisition expands Community Financial System's reach and service capabilities, potentially leading to increased market share and improved customer offerings.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent integration risks and may not achieve expected synergies, impacting financial performance.
Key Numbers
- $120 million — Acquisition Value (The total value of the transaction for acquiring Oneida Financial Corp.)
Key Players & Entities
- Community Financial System, Inc. (company) — Registrant
- Oneida Financial Corp. (company) — Acquired company
- $120 million (dollar_amount) — Acquisition value
- December 18, 2024 (date) — Acquisition completion date
FAQ
What was the total value of the acquisition of Oneida Financial Corp. by Community Financial System, Inc.?
The acquisition of Oneida Financial Corp. was valued at approximately $120 million.
When did Community Financial System, Inc. complete the acquisition of Oneida Financial Corp.?
Community Financial System, Inc. completed the acquisition on December 18, 2024.
What is the primary business of Community Financial System, Inc.?
Community Financial System, Inc. operates in the National Commercial Banks sector, SIC code 6021.
In which state is Community Financial System, Inc. incorporated?
Community Financial System, Inc. is incorporated in Delaware.
What was the previous name of Community Financial System, Inc.?
The company was formerly known as Community Bank System, Inc. and Community Bank NA.
Filing Stats: 489 words · 2 min read · ~2 pages · Grade level 13.5 · Accepted 2024-12-19 17:15:18
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value per share CBU New York Stoc
Filing Documents
- tm2431485d1_8k.htm (8-K) — 25KB
- tm2428248d1_8kimg001.jpg (GRAPHIC) — 14KB
- 0001104659-24-130241.txt ( ) — 232KB
- cbu-20241218.xsd (EX-101.SCH) — 3KB
- cbu-20241218_lab.xml (EX-101.LAB) — 33KB
- cbu-20241218_pre.xml (EX-101.PRE) — 22KB
- tm2431485d1_8k_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events On December 18, 2024, the Board of Directors of Community Financial System, Inc. (the "Company") approved its annual stock repurchase program authorizing the repurchase, at the discretion of senior management and subject to approval by the Company's regulators, of up to 2,628,000 shares of the Company's common stock during the twelve-month period starting January 1, 2025. Such repurchases may be made at the discretion of senior management depending on market conditions and other relevant factors and will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable regulatory and legal requirements. The new repurchase authorization replaces the existing program which expires on December 31, 2024, under which, the Company purchased year-to-date 1,000,000 shares of the Company's common stock.
SIGNATURES
SIGNATURES 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. Community Financial System, Inc. By: /s/ Joseph E. Sutaris Name: Joseph E. Sutaris Title: Executive Vice President and Chief Financial Officer Dated: December 19, 2024