DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently announced that it has increased its quarterly cash dividend by 1 cent, or 2.2 percent, to 47 cents per share for the third quarter. The dividend will be payable on Oct. 10, to shareholders of record as […]
DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU) — parent company of Community Bank, N.A. — recently announced that it has increased its quarterly cash dividend by 1 cent, or 2.2 percent, to 47 cents per share for the third quarter.
The dividend will be payable on Oct. 10, to shareholders of record as of Sept. 12. At Community Financial’s current stock price, the payment yields more than 3.2 percent on an annual basis.
“Today’s increase reflects the Board of Directors’ confidence in our sustainable long-term growth strategy as a diversified financial services company. Our annual dividend increases over the last 33 years are supported by our strong balance sheet and cash flow generation that provide us with flexibility to return cash to our Shareholders while investing in our long-term future,” Dimitar Karaivanov, president and CEO of Community Financial System, said in the mid-July announcement.
DeWitt–based Community Financial System is a diversified financial-services company that is focused on four main business lines — banking services, employee-benefit services, insurance services, and wealth-management services. Its banking subsidiary — Community Bank — is among the nation’s 100 largest banks with more than $16 billion in assets and operates about 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
