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Community Bank System, Inc. Changes Corporate Name to Community Financial System, Inc.
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Community Bank System has rebranded itself as Community Financial System to better reflect its diversified services and broader business model. This name change, effective immediately, underscores the company's mission to support its community through comprehensive financial services. Operating four main business units—Community Bank, Benefit Plan Administrative Services, OneGroup, and Wealth Management—the company aims to provide banking, benefits administration, insurance, and wealth management both locally and nationally. Despite the name change, the company will retain its ticker symbol 'CBU' and will start trading under the new name on May 24, 2024. The company's various service arms have received high industry rankings, and over 39% of its revenue comes from diversified fee income businesses.
Positive
Community Financial System continues to trade under the same ticker symbol 'CBU'.
Over 39% of revenue is from diversified fee income businesses, which is above industry averages.
Community Bank, N.A. is highly ranked by Forbes among U.S. banks.
BPAS is a Top 5 Recordkeeper in all market segments according to NAPA Advisors’ Choice Awards.
OneGroup ranks #75 among the Top 100 Property/Casualty Agencies by the Insurance Journal.
Wealth Management advises on more than $12 billion of assets.
Negative
The name change may cause temporary confusion among investors and clients.
No immediate financial benefits are evident from the name change.
New corporate name reflectsthe Company’s broader business model and mission in contributing to the prosperity of its community, including its clients, colleagues and shareholders by providing comprehensive financial services.
SYRACUSE, N.Y.--(BUSINESS WIRE)--
Community Bank System, Inc. (NYSE: CBU) (the “Company”), a diversified financial services holding company operating four complementary business units: Community Bank N.A., Benefit Plan Administrative Services, Inc. (“BPAS”), OneGroup NY, Inc. (“OneGroup”), and Wealth Management, announced that it has changed its corporate name to “Community Financial System, Inc.” (“Community Financial System”) effective as of today. The name change reflects the Company’s broader business model and mission in contributing to the prosperity of its community, including its clients, colleagues and shareholders by providing comprehensive financial services across its four main business lines.
The Company’s ticker symbol will not change and its common stock will start trading on the New York Stock Exchange as Community Financial System, Inc. on May 24, 2024.
“The new name – Community Financial System – allows us to emphasize the evolution of our capabilities, solutions and focus,” said Dimitar A. Karaivanov, President and CEO of the Company. “We have diligently diversified, invested in and nurtured our four key businesses and today offer a comprehensive set of banking, benefits administration, insurance and wealth management services both locally and on a nationwide basis.
"Our banking business, Community Bank, N.A., is consistently ranked as one of the top banks in the U.S. by Forbes; our employee benefit services business, BPAS, was recently named Top 5 Recordkeeper across all market segments by the National Association of Plan Advisors (NAPA) Advisors’ Choice Awards; our insurance services business, OneGroup, was ranked #75 amongst the Top 100 Property/Casualty Agencies by the Insurance Journal, and our wealth management services business has full service capabilities and advises on more than $12 billion of assets.
"In aggregate, over 39% of our revenue is comprised of diversified fee income businesses, well over twice that of industry peers. Bringing all of that under the new name, Community Financial System, underscores our mission and drives our inclusiveness as one company.”
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking, employee benefit services, insurance services and wealth management. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $15 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. 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. The Company’s OneGroup NY, Inc. subsidiary is a top 75 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. Effective May 24, 2024, the Company will trade under the name Community Financial System, Inc. For more information about the Company visit www.cbna.com or www.communityfinancialsystem.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of CBU’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause the actual results of CBU’s operations to differ materially from its expectations: the macroeconomic and other challenges and uncertainties related to or resulting from recent bank failures; current and future economic and market conditions, including the effects on CRE and housing or vehicle prices, unemployment rates, high inflation, U.S. fiscal debt, budget and tax matters, geopolitical matters, and global economic growth; fiscal and monetary policies of the Federal Reserve Board; the potential adverse effects of unusual and infrequently occurring events; litigation and actions of regulatory authorities; management’s estimates and projections of interest rates and interest rate policies; the effect of changes in the level of checking, savings, or money market account deposit balances and other factors that affect net interest margin; future provisions for credit losses on loans and debt securities; changes in nonperforming assets; ability to contain costs in inflationary conditions; the effect on financial market valuations on CBU’s fee income businesses, including its employee benefit services, wealth management services, and insurance services businesses; the successful integration of operations of its acquisitions and performance of new branches; competition; changes in legislation or regulatory requirements, including capital requirements; and the timing for receiving regulatory approvals and completing pending merger and acquisition transactions. For more information about factors that could cause actual results to differ materially from CBU’s expectations, refer to its annual, periodic and other reports filed with the Securities and Exchange Commission (“SEC”), including the discussion under the “Risk Factors” section of such reports filed with the SEC and available on CBU’s website at www.communityfinancialsystem.com and on the SEC’s website at www.sec.gov. Further, any forward-looking statement speaks only as of the date on which it is made, and CBU undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events.
