DeWITT — Community Bank System, Inc. (NYSE: CBU) will pay shareholders a quarterly cash dividend of 43 cents a share on its common stock on Oct. 8.
The dividend, which is payable to shareholders of record as of Sept. 15, represents an increase of 1 cent, or 2.4 percent, over last quarter’s payment.
This increase marks the 29th straight year in which Community Bank System has boosted its dividend. At the company’s current stock price, the dividend yields about 2.4 percent on an annual basis.
“The payment of a meaningful and growing dividend is an important component of our commitment to provide consistent and favorable long term returns to our shareholders,” Mark E. Tryniski, president and CEO of the DeWitt–based banking company, said in a news release. “The increase reflects the continued strength of both our current operating performance and capital position.”
Community Bank System operates more than 225 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts through its banking subsidiary, Community Bank, N.A. About 60 of its branches are in the 16-county Central New York region. In addition to the 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 provider of employee-benefits administration, trust services, collective-investment fund administration, and actuarial consulting services to customers nationwide.