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Community Bank System/Steuben Trust deal has $4.3M termination fee

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Community Bank System/Steuben Trust deal has $4.3M termination fee

Steuben Trust Corp. would pay a termination fee of about $4.3 million to Community Bank System Inc. should their planned deal fall through under certain circumstances.

De Witt, N.Y.-based Community Bank System's proposed acquisition of Hornell, N.Y.-based Steuben Trust was valued at around $106.8 million when it was announced Oct. 21.