Election Procedures for Oneida Financial StockholdersOneida Financial stockholders previously received from American Stock Transfer & Trust Company, LLC, the Exchange Agent for the merger, a Letter of Election and Transmittal to be used for the purpose of electing the form of merger consideration to be received in the merger. The deadline for completing and submitting the Letter of Election and Transmittal to the Exchange Agent remains 5:00 P.M. (Eastern time) on November 25, 2015. Oneida Financial stockholders must complete and submit the Letter of Election and Transmittal by that deadline if they wish to elect the form of merger consideration to be received in the merger, which election is subject to the allocation procedures set forth in the Merger Agreement and the Proxy Statement/Prospectus previously mailed to Oneida Financial stockholders. If a valid election as to the form of merger consideration is not received prior to the election deadline of November 25, 2015, each share of Oneida Financial common stock, upon consummation of the merger, will be converted into the right to receive either (i) 0.5635 shares of Community Bank System common stock, (ii) $20.00 in cash, or (iii) any combination of Community Bank System common stock and cash, using the same exchange ratio and cash price, as determined pursuant to the allocation procedures described in the Merger Agreement and Proxy Statement/Prospectus. Oneida Financial stockholders who do not submit a Letter of Election and Transmittal by the election deadline will be sent a separate letter of transmittal following consummation of the merger for the purposes of exchanging their Oneida Financial shares into the applicable merger consideration. Oneida Financial stockholders who need a duplicate copy of the Letter of Election and Transmittal and instructions or who have questions about making an election prior to the election deadline of November 25, 2015 may contact D.F. King & Co., Inc., the Information Agent for the merger, at:
|D.F. King & Co., Inc.|
|48 Wall Street, 22nd Floor|
|New York, NY 10005|
|Toll Free #: (866) 530-8636|
|Banks and Brokers may call collect at (212) 493-3910|
In addition to risk factors previously disclosed in Oneida Financial's and Community Bank System, Inc.'s reports filed with the U.S. Securities and Exchange Commission and those identified elsewhere in this release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the ability to obtain, or delays in obtaining, all regulatory approvals and to satisfy closing conditions to the merger; delay in closing the merger; business disruption following the merger; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with the proposed merger; changes in asset quality and credit risk; changes in interest rates and capital markets; and changes in legislation or regulatory requirements.