DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) announced that its board of directors has increased its quarterly dividend to 34 cents a share on its common stock from 32 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 2.6 percent, based on the company’s current stock price.
The latest dividend hike marks the 25th 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.
Community Bank System operates more than 230 branches across upstate New York, Northeastern Pennsylvania, Vermont, and Massachusetts through its banking subsidiary, Community Bank, N.A. It has total assets of about $10.9 billion, ranking it among the nation’s 150 largest financial institutions.
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