Community Bank System boosts dividend for Q3

DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — announced that it has declared a cash dividend of 45 cents per share on its common stock for the third quarter.

The dividend will be payable on Oct. 10, to shareholders of record as of Sept. 15. 

The quarterly payment represents a one cent, or 2.3 percent, increase over what Community Bank System paid last quarter. It corresponds to an annualized yield of about 3.8 percent, based on the banking company’s current stock price.

“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. This dividend increase reflects the Board of Director’s confidence in our ability to continue to deliver consistent earnings and marks the 31st consecutive year in which the Company has increased its annual dividend,” Mark E. Tryniski, president and CEO of Community Bank System, said in a July 19 news release.

DeWitt–based Community Bank System has total assets of $15.1 billion and is among the nation’s 100 largest banks. Community Bank operates more than 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts. The company also offers employee-benefits administration, insurance, and wealth-management services.