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: April 29, 1996
(Date of earliest event reported)
COMMUNITY BANK SYSTEM, INC.
(Exact name of registrant as specified in charter)
Delaware 0-11716 16-1213679
(State or other jurisdiction (Commission (IRS Employer
of incorporation File number) Identification Number
5790 Widewaters Parkway, DeWitt, New York 13214
(Address of principal executive officer) (Zip Code)
Registrant's telephone number,
including area code: (315) 445-2282
Not Applicable
(Former name or former address, if changed since last report)
Item 5. Other Events.
See News Releases of Community Bank System, Inc. set forth
on the following pages.
Community Bank, N.A.
5790 Widewaters Parkway
DeWitt, New York 13214
NEWS RELEASE
For further information
please contact:
David G. Wallace
Chief Financial
Officer
Office: (315) 445-2282
Fax: (315) 445-2997
FOR IMMEDIATE RELEASE
CBSI Acquires Retirement Plan Administration Firm
Syracuse, New York, April 29, 1996 -- Community Bank System,
Inc.(NASDAQ NMS: CBSI), a DeWitt-based bank holding company with
$1.2 billion in assets, and Benefit Plans Administrators (BPA),
an independent third party administrator of defined benefit and
defined contribution plans located in Utica, NY, announced today
that they have signed a definitive agreement under which BPA
would become a wholly-owned subsidiary of CBSI. The acquisition,
which will be financed by issuing 40,625 shares of common stock,
is expected to be completed by mid-year, subject to federal
regulatory approval.
Sanford A. Belden, President and Chief Executive Officer of
CBSI, stated, "BPA's actuarial and recordkeeping expertise will
provide valuable services to our commercial customers and add an
important source of noninterest income to CBSI. BPA's revenues
for its recent fiscal year end were $1.3 million. We know this
company well, having worked with their people for several years
as a supplier of services to the employee benefit trust business
of our wholly-owned commercial banking subsidiary, Community
Bank, N.A. (CBNA). An equally important thrust of the
acquisition is the Bank's intention to market the sale of mutual
funds and other investment products through BPA as well as offer
mutual fund clearing services to clients of BPA and other third
party administrators."
Girald H. Mayer, who founded in 1973 what is now a 23 person
firm with approximately 425 plans under administration and $350
million in plan assets, will remain as President and Chief
Executive Officer of BPA. Jerry stated, "CBNA offers BPA clients
added management depth, greater access to capital for ongoing
technology investments, and a superior client servicing and
distribution infrastructure."
Belden concluded, "Our companies serve a similar customer
base of small to medium sized companies and non profits, in the
same or often contiguous geographical markets, with a focus on
personalized, responsive service. Jerry and I are confident that
the compatibility of our businesses will result in opportunities
for referrals and cross selling of our respective commercial and
personal financial products." Belden estimated that the new
subsidiary combined with related fiduciary product sales of
CBNA's trust department will be accretive to earnings during the
second year of operation.
CBSI is a registered bank holding company based in DeWitt,
New York. Its wholly-owned banking subsidiary, Community Bank,
N.A., has 49 customer facilities located throughout Northern New
York, the Finger Lakes Region, the Southern Tier, and
Southwestern New York.
# # #
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 thereunto duly authorized.
COMMUNITY BANK SYSTEM, INC.
(Registrant)
by: /s/ Charles M. Ertel
Charles M. Ertel
Assistant Treasurer
Date: May 22, 1996