DEWITT, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE: CBU) announced that its Board of
Directors declared a quarterly cash dividend of $0.34 per share on its’
common stock. The dividend will be payable on October 10, 2017 to
shareholders of record as of September 15, 2017.
The two cent increase in the Company’s quarterly cash dividend over the
same quarter of last year, or 6.3% higher, represents an annualized
yield of 2.55% based on the Company’s closing price of $53.25 on August
15, 2017. This increase marks the twenty-fifth (25th) 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 230 customer facilities
across Upstate New York, Northeastern Pennsylvania, Vermont and
Massachusetts through its banking subsidiary, Community Bank, N.A. With
assets of approximately $10.9 billion, the DeWitt, N.Y. headquartered
company is among the country’s 150 largest financial institutions. In
addition to a full range of retail, business and municipal 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 and trust services,
fund administration and actuarial 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/20170816005949/en/
Community Bank System, Inc.
Scott A. Kingsley, EVP & Chief
Financial Officer
Office: 315-445-3121
Source: Community Bank System, Inc.