Community Financial System, Inc. Announces Quarterly Common Stock Dividend and Results of Annual Shareholders’ Meeting
16 May 2024 - 6:30AM
Business Wire
Community Financial System, Inc. (NYSE: CBU) (the “Company”)
announced that it has declared a quarterly cash dividend of $0.45
per share on its common stock. The dividend will be payable on July
10, 2024 to Shareholders of record as of June 14, 2024. The $0.45
cash dividend represents an annualized yield of 3.78% based on the
closing share price of $47.64 on May 14, 2024.
The Company also announced that its Shareholders voted in line
with the Board of Directors’ recommendations on all proposals at
its Annual Shareholders’ Meeting on May 15, 2024 and elected all
twelve (12) of the directors standing for re-election for a
one-year term. The Shareholders also (i) approved, on an advisory
basis, the Company’s executive compensation programs, (ii) approved
an amendment to the Company’s 2022 Long-Term Incentive Plan, as
amended, and (iii) ratified the appointment of
PricewaterhouseCoopers LLP to serve as the Company’s independent
registered public accounting firm.
About Community Financial System, Inc.
Earlier today, the Company announced that it has changed its
corporate name from Community Bank System, Inc. to Community
Financial System, Inc. (the “Company”). The Company is a
diversified financial services company that is focused on four main
business lines – banking, employee benefit services, insurance
services and wealth management. Its banking subsidiary, Community
Bank, N.A., is among the country’s 100 largest banking institutions
with over $15 billion in assets and operates approximately 200
customer facilities across Upstate New York, Northeastern
Pennsylvania, Vermont, and Western Massachusetts. The Company’s
Benefit Plans Administrative Services, Inc. subsidiary is a leading
provider of employee benefits administration, trust services,
collective investment fund administration, and actuarial consulting
services to customers on a national scale. The Company’s OneGroup
NY, Inc. subsidiary is a top 75 U.S. insurance agency. The Company
also offers comprehensive financial planning, trust administration
and wealth management services through its Wealth Management
operating unit. The Company is listed on the New York Stock
Exchange and the Company’s stock trades under the symbol CBU.
Effective May 24, 2024, the Company will trade under the name
Community Financial System, Inc. For more information about the
Company visit www.cbna.com or www.communityfinancialsystem.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of CBU’s management and are subject to significant
risks and uncertainties. Actual results may differ from those set
forth in the forward-looking statements. The following factors,
among others, could cause the actual results of CBU’s operations to
differ materially from its expectations: the macroeconomic and
other challenges and uncertainties related to or resulting from
recent bank failures; current and future economic and market
conditions, including the effects on CRE and housing or vehicle
prices, unemployment rates, high inflation, U.S. fiscal debt,
budget and tax matters, geopolitical matters, and global economic
growth; fiscal and monetary policies of the Federal Reserve Board;
the potential adverse effects of unusual and infrequently occurring
events; litigation and actions of regulatory authorities;
management’s estimates and projections of interest rates and
interest rate policies; the effect of changes in the level of
checking, savings, or money market account deposit balances and
other factors that affect net interest margin; future provisions
for credit losses on loans and debt securities; changes in
nonperforming assets; ability to contain costs in inflationary
conditions; the effect on financial market valuations on CBU’s fee
income businesses, including its employee benefit services, wealth
management services, and insurance services businesses; the
successful integration of operations of its acquisitions and
performance of new branches; competition; changes in legislation or
regulatory requirements, including capital requirements; and the
timing for receiving regulatory approvals and completing pending
merger and acquisition transactions. For more information about
factors that could cause actual results to differ materially from
CBU’s expectations, refer to its annual, periodic and other reports
filed with the Securities and Exchange Commission (“SEC”),
including the discussion under the “Risk Factors” section of such
reports filed with the SEC and available on CBU’s website at
www.communityfinancialsystem.com and on the SEC’s website at
www.sec.gov. Further, any forward-looking statement speaks only as
of the date on which it is made, and CBU undertakes no obligation
to update any forward-looking statement to reflect events or
circumstances after the date on which the statement is made or to
reflect the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20240515427569/en/
Joseph E. Sutaris, EVP & Chief Financial Officer Office:
(315) 445-7396
Community Financial System (NYSE:CBU)
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