(Oneida, Syracuse, NY – Oct. 1, 2015) Community Bank System, Inc. (NYSE: CBU) (“Community Bank System”) and Oneida Financial Corp. (NASDAQ:ONFC) (“Oneida Financial”) announced on Sept. 25 that they anticipate completing their proposed merger late in the fourth quarter of this year based upon their current estimate of the timing to obtain the required regulatory approvals and to coordinate the operational and systems conversion.
On June 10, 2015, Community Bank System and Oneida Financial announced that they anticipated that the closing would occur in the third or fourth quarter of this year, subject to the satisfaction of all of the closing conditions. At this time, the parties believe that the transaction will be completed late in the fourth quarter of this year, pending the receipt of all necessary regulatory approvals and the satisfaction of other closing conditions. The Oneida Financial stockholders have previously approved the merger.
As a result of the change in the anticipated closing date, the election process that is currently underway to permit the Oneida Financial stockholders to elect the form of their merger consideration is being extended to November 25, 2015. Oneida Financial stockholders will receive a letter with further information about the extension of the election deadline and election process.
For more information about Community Bank visit www.communitybankna.com.