DeWITT — Community Bank System, Inc. (NYSE: CBU) has increased its quarterly dividend 3.8 percent.
The DeWitt–based banking company said Thursday it will pay a cash dividend of 27 cents a share on Oct. 10 to shareholders of record as of Sept. 14. That’s a 1 cent increase from the same quarter last year.
The bump makes 2012 the 20th consecutive year the company has raised its dividend.
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“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,” Community Bank System President and CEO Mark E. Tryniski said in a news release. “The increase reflects the continued strength of both our current operating performance and capital position.”
Community Bank System has $7.5 billion in assets and 180 branches in upstate New York and northeastern Pennsylvania. The company also operates subsidiaries in employee benefits, insurance, investment management and advising, and wealth management.
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