OREANDA-NEWS.  Community Bank System, Inc. (NYSE:CBU) announced that its Board of Directors declared a quarterly cash dividend of $0.32 per share on its common stock. The dividend will be payable on October 10, 2016 to shareholders of record as of September 15, 2016.

This one cent increase in the Company’s quarterly cash dividend over the same quarter of last year, or 3.2% higher, represents an annualized yield of 2.84% based on the Company’s closing price of $45.12 on August 17, 2016. This increase marks the twenty-fourth (24th) consecutive year of dividend increases for the Company. President and Chief Executive Officer, Mark E. Tryniski, commented, “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. The increase reflects the continued strength of both our current operating performance and capital position."

Community Bank System, Inc. operates more than 200 customer facilities across Upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank, N.A. With assets of approximately $8.7 billion, the DeWitt, N.Y. headquartered company is among the country's 150 largest financial institutions. In addition to a full range of retail and business 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 subsidiaries. The Company's Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, and actuarial and consulting services to customers on a national scale. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company's stock trades under the symbol CBU.