DEWITT, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE:CBU) announced that its Board of
Directors declared a quarterly cash dividend of $0.32 per share on its
common stock. The dividend will be payable on October 10, 2016 to
shareholders of record as of September 15, 2016.
This one cent increase in the Company’s quarterly cash dividend over the
same quarter of last year, or 3.2% higher, represents an annualized
yield of 2.84% based on the Company’s closing price of $45.12 on August
17, 2016. This increase marks the twenty-fourth (24th) consecutive year
of dividend increases for the Company. President and Chief Executive
Officer, Mark E. Tryniski, commented, “The payment of a meaningful and
growing dividend is an important component of our commitment to provide
consistent and favorable long-term returns to our shareholders. The
increase reflects the continued strength of both our current operating
performance and capital position."
Community Bank System, Inc. 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. In addition to a full
range of retail and business banking services, the Company offers
comprehensive financial planning, insurance and wealth management
services through its’ Community Bank Wealth Management Group and
OneGroup NY, Inc. operating subsidiaries. The Company's Benefit Plans
Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration, trust services, and actuarial and
consulting services to customers on a national scale. Community Bank
System, Inc. is listed on the New York Stock Exchange and the Company's
stock trades under the symbol CBU. For more information about Community
Bank visit www.communitybankna.com
or http://ir.communitybanksystem.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.These statements are
based on the current beliefs and expectations of CBU’s management and
CBU does not assume any duty to update forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160819005056/en/
Community Bank System, Inc.
Scott A. Kingsley, 315-445-3121
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.