Community Bank System Inc. of Syracuse, N.Y., has agreed to buy ES&L Bancorp Inc. of Elmira for about $39 million in cash.
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The $4.2 billion-asset Community Bank System said Friday in a press release that the deal would give it the No. 5 deposit share in Chemung County, where it currently ranks No. 7. According to Federal Deposit Insurance Corp. statistics, it would have a share of 12.3% after the deal is completed.
The $212 million-asset ES&L is the parent of Elmira Savings and Loan. It has two branches; the one in Ithaca would be Community Bank System's first in Tompkins County.
The deal is expected to close next quarter. The price is about 1.8 times ES&L's book value.
