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.
“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.
Contact Tampone at ktampone@cnybj.com