DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) reported wealth-management revenue of $8.5 million in the fourth quarter of 2021, up 13.4 percent from $7.5 million in the year-ago quarter, and up 2.4 percent from $8.3 million in the third quarter of 2021. The rise in wealth-management revenue was primarily driven by increases in investment […]
DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) reported wealth-management revenue of $8.5 million in the fourth quarter of 2021, up 13.4 percent from $7.5 million in the year-ago quarter, and up 2.4 percent from $8.3 million in the third quarter of 2021.
The rise in wealth-management revenue was primarily driven by increases in investment management and trust-services revenue, the DeWitt–based banking company said in its fourth-quarter earnings report issued on Jan. 24.
Community Bank System offers financial planning, insurance, and wealth-management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. operating units. The company also operates more than 215 retail bank branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank, N.A.