Cadwalader Represents Community Bank System, Inc. in its Definitive Agreement to Acquire Merchants Bancshares, Inc.

October 24, 2016

Cadwalader is representing Community Bank System, Inc. (NYSE: CBU) in its definitive agreement to acquire Merchants Bancshares, Inc. (NASDAQ: MBVT), the parent company of Merchants Bank, in a cash and stock transaction for total
consideration valued at approximately $304 million. 

Community Bank System operates more than 200 customer facilities across Upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. With assets of approximately $8.7 billion, the DeWitt, N.Y. headquartered company is among the country’s 150 largest financial institutions. Merchants Bancshares is the largest statewide independent bank in Vermont, with total assets of nearly $1.9 billion, deposits of $1.5 billion and 32 banking offices. Additionally, Merchants is the third largest institution by deposit market share in Vermont, with a growing presence in Western Massachusetts. 

The Cadwalader team is led by Bank Regulatory partner Scott Cammarn and includes associates Alexandra Cotter and Tim Polmateer (Corporate); partner Linda Swartz (Tax); and associate Marty Horowitz (Bank Regulatory).