UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report: June 16, 1997
(Date of earliest event reported)
COMMUNITY BANK SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-11716 16-1213679
(State or other Jurisdiction (Commission File Number) (I. R. S. Employer
of incorporation) Identification number)
5790 Widewaters Parkway, DeWitt, New York 13214
(Address of principal executive offices) (Zip Code)
Registrant's telephone number
including area code: (315) 445-2282
Not Applicable
(Former name or former address, if changed since last report)
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Items 1-4. Not Applicable
Item 5. Other Events
News Release dated August 4, 1997 announcing the purchase of 20 branch offices
in two separate transactions. Eight (8) branch offices purchased from KeyBank
N.A. (New York) on June 16, 1997 and twelve (12) branch offices purchased from
Fleet Bank on July 18, 1997.
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NEWSRELEASE
COMMUNITY BANK SYSTEM, INC.
5790 Widewaters Parkway
DeWitt, New York 13214
For further
information
please
contact:
David G. Wallace
SVP and Chief Financial Officer
Office: 315/445-2282
FAX: 315/445-2997
FOR IMMEDIATE RELEASE
COMMUNITY BANK, N.A. PURCHASES 20 BRANCHES
SYRACUSE, NY, August 4, 1997 ----- Community Bank, N.A. (CBNA), a
wholly-owned banking subsidiary of Community Bank System, Inc. (NASDAQ NMS:
CBSI), is pleased to announce the successful completion of its purchase, in
separate transactions, of eight Western New York branches from KeyBank N.A. (New
York) ("Key") and twelve Northern New York branches from Fleet Bank ("Fleet").
The acquisition of the branches from Key closed on June 16, 1997, while the
acquisition of the Fleet branches closed on July 18, 1997.
The branches and their respective counties are: Alfred, Cuba, and
Wellsville in Allegany County; Gowanda in Cattaraugus County; Clymer, Cassadaga,
Ripley, and Sherman in Chautauqua County for the Key branch acquisition; and
Ogdensburg(2), Gouverneur, and Massena(2) in St. Lawrence County; St. Regis
Falls in Franklin County; Lowville in Lewis County; Old Forge in Herkimer
County; Boonville in Oneida County; and Clayton and Watertown(2) in Jefferson
County for the Fleet branch acquisition. As a result of these purchases, the
bank's assets have been increased to in excess of $1.6 billion and its branch
network has been expanded to 68 customer facilities. Within 90 days, three of
these facilities are expected to be closed, with customers being serviced at
other CBNA locations.
Sanford A. Belden, President and Chief Executive Officer of CBNA,
welcomed the customers and employees in these branches, stating that the new
locations strategically fill in or add adjacent markets to CBNA's existing
branch network, strengthen service delivery efficiency, and enlarge the
marketplace for loan and fee income products.
CBSI is a registered bank holding company based in DeWitt, New York.
CBNA, its wholly-owned banking subsidiary, serves customers throughout Northern
New York, the Finger Lakes region, the Southern Tier, and Southwestern New York.
CBSI is also parent to Benefit Plans Administrative Services, Inc. (BPA), a
pension administration and consulting firm located in Utica, New York serving
sponsors of defined benefit and defined contribution plans.
***
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Community Bank System, Inc.
(Registrant)
by:/s/ Sanford A. Belden
Sanford A. Belden
President and
Chief Executive Officer
August 4, 1997
