SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE:CBU) announced that it has declared a
quarterly cash dividend of $0.32 per share on its common stock. The
dividend will be payable on July 10, 2017 to shareholders of record as
of June 15, 2017. The $0.32 cash dividend represents an annualized yield
of 2.36% based on the closing share price of $54.18 on May 17, 2017.
The Company also announced that the Shareholders voted in line with the
Board of Directors’ recommendations on all proposals and elected the
four directors standing for re-election at its Annual Shareholders
Meeting on May 17, 2017. Directors Brian R. Ace, Michael R. Kallet, John
Parente, and John F. Whipple, Jr. were elected to hold office until the
2020 Annual Meeting of Shareholders or until their successors are duly
elected and qualified. The Shareholders also (i) approved the Community
Bank System, Inc. 2014 Long-Term Incentive Plan, as amended, (ii)
approved, on an advisory basis, the Company’s executive compensation
programs, (iii) approved, on an advisory basis, to hold future
say-on-pay votes every year, and (iv) ratified the appointment of
PricewaterhouseCoopers LLP to serve as the Company’s independent
registered public accounting firm.
Community Bank System, Inc. operates more than 230 customer facilities
across Upstate New York, Northeastern Pennsylvania, Vermont, and Western
Massachusetts through its banking subsidiary, Community Bank, N.A. With
assets of approximately $11.0 billion, the DeWitt, N.Y. headquartered
company is among the country’s 150 largest financial institutions. In
addition to a full range of retail, municipal, and business banking
services, the Company offers comprehensive financial planning, insurance
and wealth management services. The Company’s Benefit Plans
Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration and trust services, and actuarial and
other 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/20170518006474/en/
Community Bank System, Inc.
Scott A. Kingsley, 315-445-3121
EVP
& Chief Financial Officer
Source: Community Bank System, Inc.