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Community Financial System Inc (CBU) delivers integrated financial services through regional banking, wealth management, and employee benefit solutions. This news hub provides investors and stakeholders with authoritative updates on corporate developments across all business segments.
Access timely press releases and analysis covering earnings reports, strategic acquisitions, regulatory filings, and leadership updates. Our curated collection simplifies tracking CBU's performance in community banking, insurance services, and wealth management markets.
Discover updates organized by operational focus areas: corporate banking initiatives, employee benefits administration trends, insurance product developments, and wealth management innovations. Bookmark this page for streamlined access to CBU's evolving financial landscape in upstate New York and beyond.
Community Bank System, Inc. (NYSE: CBU) reported $43.6 million in net income for Q4 2021, translating to $0.80 per share, down from $46.5 million or $0.86 per share in Q4 2020. This 7% decline in earnings was attributed to increased expenses and provision for credit losses, despite a rise in net interest income. For the full year, earnings per share rose 13% to $3.48, bolstered by heightened revenue and loan growth. The company plans to enhance its presence through the acquisition of Elmira Savings Bank, approved by shareholders. Total assets reached $15.55 billion, reflecting an 11.6% year-over-year increase.
Community Bank System, Inc. (NYSE: CBU) is set to discuss its fourth quarter 2021 financial performance during a conference call on January 24, 2022, at 11:00 a.m. ET. Results will be announced prior to market opening on the same day and available on their investor relations website. The call will include management insights from President Mark E. Tryniski and CFO Joseph E. Sutaris, followed by a Q&A session. Community Bank operates over 215 facilities in the Northeast U.S. and has assets exceeding $15.3 billion.
Community Bank System, Inc. (NYSE: CBU) announced that Elmira Savings Bank's shareholders approved the merger with Community Bank, N.A. at a Special Meeting on December 14, 2021. Over 98% of the votes supported the merger, which will enhance Community Bank's footprint in Central New York for approximately $82.8 million. The merger will provide Elmira's customers access to a larger branch network and a wider range of services. Community Bank operates over 215 facilities with assets exceeding $15.3 billion and is among the top 125 banking institutions in the U.S.
Community Bank System, Inc. (NYSE: CBU) has appointed Jeffery Knauss as an independent director on its Board, expanding its membership to 13 directors, with 12 being independent. Knauss, a digital marketing expert and co-founder of Digital Hyve, brings extensive experience in digital technology and entrepreneurship. His appointment aims to enhance the Board's expertise in marketing and technology development as the company transitions to digital financial services. Knauss will also serve on the Risk and Governance Committees and the Technology Committee.
Community Bank System, Inc. (NYSE: CBU) has declared a quarterly cash dividend of $0.43 per share, payable on January 10, 2022, to shareholders of record as of December 15, 2021. This dividend reflects an annualized yield of 2.34% based on the share price of $73.59 on November 17, 2021. The bank operates over 215 locations across multiple states and has assets exceeding $15.3 billion.
Community Bank System reported a third quarter 2021 net income of $45.3 million ($0.83 per share), up from $42.8 million ($0.79 per share) in 2020. The increase was driven by noninterest revenues despite lower net interest income. Total revenues increased 2.8% to $156.9 million. Loan growth was $154.1 million (excluding PPP loans). The company also announced an agreement to acquire Elmira Savings Bank for $82.8 million. Quarterly dividend increased by 2.4%, marking the 29th consecutive year of increases.
Community Bank System has announced its acquisition of Elmira Savings Bank for approximately
Community Bank System, Inc. (NYSE: CBU) has announced an earnings conference call to discuss its third-quarter financial performance on October 25, 2021, at 11:00 a.m. ET. The results will be released before market opening on the same day and will be available on the company's website. CEO Mark E. Tryniski, CFO Joseph E. Sutaris, and Chief Banking Officer Joseph F. Serbun will host the call. Community Bank operates over 215 facilities and has assets exceeding $14.8 billion, making it one of the largest banking institutions in the U.S.
Community Bank System, Inc. (NYSE: CBU) has announced the appointment of Maureen Gillan-Myer as Executive Vice President and Chief Human Resources Officer, effective October 1, 2021. With over 29 years of experience in human capital management, she previously served as CHRO at HSBC USA, overseeing a team of 150 HR professionals and supporting over 10,000 associates. The company's president, Mark E. Tryniski, expressed optimism about her expertise in fostering a diverse and inclusive workforce.
Community Bank System, Inc. (NYSE: CBU) has acquired the assets of Thomas Gregory Associates Insurance Brokers, Inc. (TGA), a Boston-based specialty-lines insurance broker. This acquisition, executed through OneGroup, a subsidiary of Community Bank System, is expected to enhance OneGroup's offerings and expand its market presence in New England. TGA is anticipated to contribute approximately $35 million in annual revenues. CEO Mark E. Tryniski expressed excitement over the partnership, highlighting the strategic importance of this expansion for their insurance and risk management services.
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