DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) announced that it has increased its quarterly cash dividend by 8 percent to 41 cents per share on its common stock from the previous 38 cents a share.
The dividend will be payable on Oct. 10 to shareholders of record as of Sept. 16, the DeWitt–based banking company said in a news release.
At Community’s current stock price, the dividend yields nearly 2.7 percent on an annual basis.
This marks the 27th straight year of dividend increases for Community Bank System.
“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,” Mark E. Tryniski, company president and CEO, said in the release.
Community Bank System operates more than 230 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of more than $11 billion, the banking company is among the nation’s 150 biggest financial institutions.
Contact Rombel at arombel@cnybj.com