Community Bank System, Inc. Announces Quarterly Common Stock Dividend and Results of Annual Shareholders’ Meeting

Rhea-AI Summary

Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.42 per share, payable on July 9, 2021 to shareholders on record as of June 15, 2021. This dividend reflects an annualized yield of 2.17% based on a share price of $77.41 as of May 12, 2021. At the Annual Shareholders’ Meeting on May 13, 2021, shareholders supported all board recommendations and re-elected twelve directors, approved executive compensation programs, and ratified the firm PricewaterhouseCoopers LLP as the company’s public accounting firm.

Positive

• Declared a quarterly cash dividend of $0.42, signaling strong financial health.
• Annualized yield of 2.17% indicates solid return for shareholders.
• Shareholders voted in favor of all proposals, showing confidence in leadership.

Negative

• None.

Community Bank System, Inc. (NYSE: CBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.42 per share on its common stock. The dividend will be payable on July 9, 2021 to Shareholders of record as of June 15, 2021. The $0.42 cash dividend represents an annualized yield of 2.17% based on the closing share price of $77.41 on May 12, 2021.

The Company also announced that the Shareholders voted in line with the Board of Directors’ recommendations on all proposals at its Annual Shareholders’ Meeting on May 13, 2021 and elected all twelve (12) of the directors standing for re-election for a one-year term. The Shareholders also approved, on an advisory basis, the Company’s executive compensation programs and ratified the appointment of PricewaterhouseCoopers LLP to serve as the Company’s independent registered public accounting firm.

Community Bank System, Inc. operates over 225 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts through its banking subsidiary, Community Bank, N.A. With assets of approximately $14.6 billion, the DeWitt, N.Y. headquartered company is among the country’s 125 largest banking institutions. In addition to a full range of retail, business, and municipal banking services, the Company offers comprehensive financial planning, insurance and wealth management services through its Community Bank Wealth Management Group and OneGroup NY, Inc. operating units. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration and actuarial consulting services to customers on a national scale. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com or http://ir.communitybanksystem.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of the words “will,” “anticipate,” “expect,” “intend,” “estimate,” “target,” and words of similar import. Forward-looking statements are not historical facts but instead express only management’s current beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management’s control. The following factors, among others listed in Company’s Form 10-K and Form 10-Q filings, could cause the actual results of the Company’s operations to differ materially from the Company’s expectations: the effect of the COVID-19 pandemic, including the negative impacts and disruptions on the Company’s colleagues, the communities it serves, and the domestic and global economy, which may have an adverse effect on the Company’s business; the successful integration of operations of its acquisitions; competition; changes in economic conditions, interest rates and financial markets; and changes in legislation or regulatory requirements. The Company does not assume any duty to update forward-looking statements.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513006030/en/

FAQ

What is the dividend amount for Community Bank System, Inc. (CBU)?

The dividend amount is $0.42 per share.

When will the dividend be paid to shareholders of CBU?

The dividend will be payable on July 9, 2021.

What is the record date for the CBU dividend?

The record date for the dividend is June 15, 2021.

What annualized yield does the CBU dividend represent?

The dividend represents an annualized yield of 2.17%.