DeWITT — Community Bank System, Inc. (NYSE: CBU) announced that its board of directors has declared a quarterly cash dividend of 27 cents a share.
The dividend is payable on July 10, to shareholders of record as of June 14. It represents an annualized yield of 3.7 percent, based on Community’s closing share price of $29.13 on May 10.
The banking company also announced that five directors up for election at its annual shareholders’ meeting on May 8 at Riveredge Resort in Alexandria Bay were elected. They included Mark J. Bolus, Nicholas A. DiCerbo, James A. Gabriel, Edward S. Mucenski, and Brian R. Wright. Age 68, Wright is an attorney and special counsel with Hinman, Howard & Kattell, LLP in Binghamton. He served as a director and chairman of Wilber Corp. from 1982 until Community Bank acquired it in 2011.
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Community Bank’s shareholders also ratified the appointment of PricewaterhouseCoopers, LLP to serve as the banking company’s independent registered public accounting firm, and approved increasing the company’s number of authorized shares of common stock to 75 million. Community Bank currently has just under 40 million shares outstanding.
Headquartered in DeWitt, Community Bank has more than $7 billion in total assets and more than 180 customer offices. Its banking subsidiary, Community Bank, N.A., operates across upstate New York and Northeastern Pennsylvania, where it conducts business as First Liberty Bank & Trust. The company’s other subsidiaries include: Benefit Plans Administrative Services, Inc., a national employee-benefits consulting and trust administration firm with offices in New York, New Jersey, Pennsylvania, and Texas; the CBNA Insurance Agency, with offices in five northern New York locales; Community Investment Services, Inc., a wealth-management firm operating through its branch network; and Nottingham Advisors, an investment management and advisory firm with offices in Buffalo and North Palm Beach, Fla.
Contact Rombel at arombel@cnybj.com
