Community Bank System, Inc. Declares Dividend and Announces Results of 2014
SYRACUSE, N.Y. -- May 15, 2014
Community Bank System, Inc. (NYSE:CBU) announced that it has declared a
quarterly cash dividend of $0.28 per share on its’ common stock. The dividend
will be payable on July 10, 2014 to shareholders of record as of June 16,
2014. The $0.28 cash dividend represents an annualized yield of 3.1% based on
the closing share price of $35.69 on May 14, 2014.
The Company also announced that four directors standing for election at its
Annual Shareholders Meeting on May 14, 2014 were elected including Brian R.
Ace, James W. Gibson, Jr., John Parente, and John F. Whipple, Jr. At the
Annual Meeting, the shareholders ratified the appointment of
PricewaterhouseCoopers LLP to serve as the Company’s independent registered
public accounting firm and approved the adoption of the Company’s 2014
Long-Term Incentive Plan. The shareholders also approved, on an advisory
basis, the Company’s executive compensation programs.
Headquartered in DeWitt, N.Y., Community Bank System, Inc. has $7.4 billion in
assets and over 190 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. For more information, visit www.communitybankna.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
Community Bank System, Inc.
Scott A. Kingsley, Office: 315-445-3121
EVP & Chief Financial Officer
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