Community Bank System, Inc. Expands Benefits Administration Business Business Wire SYRACUSE, N.Y. -- December 5, 2013 Community Bank System, Inc. (NYSE:CBU), through its subsidiary Benefit Plans Administrative Services, Inc. (BPAS), has reached an agreement to acquire from EBS-RMSCO, Inc., a subsidiary of The Lifetime Healthcare Companies, its professional services practice that provides actuarial valuation and consulting services to clients who sponsor pension and post-retirement medical and welfare plans. BPAS, through its three principal subsidiaries (Benefit Plans Administrative Services, LLC, Harbridge Consulting Group, LLC (Harbridge), and Hand Benefits & Trust Company), employs 240 professionals and provides daily valuation, actuarial and employee benefit consulting, VEBA / HRA and employee benefit trust services on a national scale, from offices located in Syracuse, Utica, and New York, New York; East Hanover, New Jersey; Pittsburgh and Philadelphia, Pennsylvania; Houston, Texas; and San Juan, Puerto Rico. The practice to be acquired provides defined benefit and post-retirement medical benefit valuation services to 150 organizations, principally in New York State. Upon completion of this transaction, BPAS will generate over $41 million in annual revenue, administer over 3,600 plans with 350,000 participants and provide custodial services to $13.5 billion in assets. Harbridge plans to hire the entire service team directly associated with the acquired actuarial practice and BPAS will open an office in Rochester, New York to accommodate the new employees and expanded practice area. “This transaction represents a very attractive opportunity for us,” said Mark E. Tryniski, Community Bank System, Inc.’s President and Chief Executive Officer. “Our employee benefits administration business continues to grow through organic and acquisition strategies, expanding its national footprint, diversifying its service offerings, and providing meaningful returns. We look forward to welcoming these new clients, assuring them of our commitment to pro-active actuarial consulting and introducing them to our broader array of services.” Bill Naylon, Senior Vice President of Finance of EBS-RMSCO, stated, “This transaction will allow EBS-RMSCO to focus on its core TPA and employee benefit offerings, and we expect to continue servicing many of these same clients.” Headquartered in DeWitt, New York, Community Bank System, Inc. has $7.3 billion in assets and over 180 customer facilities. The Company’s banking subsidiary, Community Bank, N.A. operates across Upstate New York and Northeastern Pennsylvania. Its other subsidiaries include: Benefit Plans Administrative Services, Inc., a national employee benefits consulting and trust administration firm; the CBNA Insurance Agency, with offices in five northern New York communities; Community Investment Services, Inc., a wealth management firm delivering a wide range of financial products throughout the Company’s branch network; and Nottingham Advisors, an investment management and advisory firm. For more information, visit: www.communitybankna.com. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from CBU’s expectations: the successful integration of operations of its acquisitions; competition; changes in economic conditions, interest rates and financial markets; and changes in legislation or regulatory requirements. CBU does not assume any duty to update forward-looking statements. Contact: Community Bank System, Inc. Scott A. Kingsley, 315-445-3121 Fax: 315-445-7347 E.V.P. and Chief Financial Officer
Community Bank System, Inc. Expands Benefits Administration Business
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