DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) announced that its board of directors has hiked its quarterly dividend to 32 cents per share on its common stock from 31 cents in the year-ago quarter.
The new dividend will be payable on Oct. 10 to shareholders of record as of Sept. 15. It represents an annualized yield of about 2.8 percent, based on the company’s current stock price.
The latest dividend rise marks the 24th consecutive year of dividend increases for the DeWitt–based banking company.
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“The increase reflects the continued strength of both our current operating performance and capital position,” Mark E. Tryniski, president and CEO of Community Bank System, said in a news release.
The banking company’s stock price has increased more than 15 percent year to date.
Community Bank System operates more than 200 branches across upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. It has total assets of about $8.7 billion, ranking it among the nation’s 150 largest financial institutions.
Contact Rombel at arombel@cnybj.com
