Community Bank System, Inc. Announces Increase to Its Quarterly Dividend Resulting in Its 29th Consecutive Year of Dividend Increases
July 21 2021 - 4:15PM
Business Wire
Community Bank System, Inc. (NYSE: CBU) (the “Company”)
announced that it has declared a quarterly cash dividend of $0.43
per share on its common stock. The dividend will be payable on
October 8, 2021 to shareholders of record as of September 15,
2021.
The $0.43 cash dividend represents a $0.01, or 2.4%, increase
and an annualized yield of 2.41% based on the closing share price
of $71.47 on July 20, 2021. This increase marks the 29th
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 225 customer
facilities across Upstate New York, Northeastern Pennsylvania,
Vermont, and Western Massachusetts through its banking subsidiary,
Community Bank, N.A. With assets of over $14.6 billion, the DeWitt,
N.Y. headquartered company is among the country’s 125 largest
banking 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 units. The Company’s Benefit Plans
Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration, trust services, collective
investment 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.cbna.com or https://ir.communitybanksystem.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of CBU’s management and are subject to significant
risks and uncertainties. Actual results may differ from those set
forth in the forward-looking statements. The following factors,
among others, could cause the actual results of CBU’s operations to
differ materially from its expectations: the macroeconomic and
other challenges and uncertainties related to the COVID-19
pandemic, including the negative impacts and disruptions on public
health, corporate and consumer customers, the communities CBU
serves, and the domestic and global economy, including various
actions taken in response by governments, central banks and others,
which may have an adverse effect on CBU’s business; current and
future economic and market conditions, including the effects on
housing prices, unemployment rates, inflation, U.S. fiscal debt,
budget and tax matters, geopolitical matters, and global economic
growth; fiscal and monetary policies of the Federal Reserve Board;
the effect of changes in the level of checking or savings account
deposits and net interest margin; future provisions for credit
losses on loans and debt securities; changes in nonperforming
assets; the effect on stock market prices on CBU’s fee income
businesses, including its employee benefit services, wealth
management, and insurance businesses; the successful integration of
operations of its acquisitions; competition; changes in legislation
or regulatory requirements; and the timing for receiving regulatory
approvals and completing pending transactions. For more information
about factors that could cause actual results to differ materially
from CBU’s expectations, refer to its reports filed with the
Securities and Exchange Commission (“SEC”), including the
discussion under “Risk Factors” as filed with the SEC and available
on CBU’s website at https://ir.communitybanksystem.com and on the
SEC’s website at www.sec.gov. Further, any forward-looking
statement speaks only as of the date on which it is made, and CBU
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20210721005895/en/
Joseph E. Sutaris, EVP & Chief Financial Officer Office:
(315) 445-7396
Community Bank System (NYSE:CBU)
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