Community Bank System, Inc. (NYSE: CBU) announced that its Board of Directors declared a quarterly cash dividend of $0.28 per share on its common stock. The dividend will be payable on October 10, 2013 to shareholders of record as of September 16, 2013.
This one cent increase in the Company’s quarterly cash dividend over the same quarter of last year, or 3.7% higher, represents an annualized yield of 3.25% based on the Company’s closing price of $34.41 on August 20, 2013. This increase marks the twenty-first (21st) 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.”
Headquartered in DeWitt, N.Y., Community Bank System, Inc. has $7.0 billion in assets and over 180 customer facilities. The Company’s banking subsidiary, Community Bank, N.A. operates across Upstate New York and Northeastern Pennsylvania. Its other subsidiaries include: Benefit Plans Administrative Services, Inc., a national employee benefits consulting and trust administration firm; the CBNA Insurance Agency, with offices in five northern New York communities; Community Investment Services, Inc., a wealth management firm delivering a wide range of financial products throughout the Company's branch network; and Nottingham Advisors, an investment management and advisory firm with offices in Buffalo, N.Y. and North Palm Beach, Florida. For more information, visit: www.communitybankna.com.
Community Bank System, Inc.
Scott A. Kingsley, E.V.P. and Chief Financial Officer
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