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COMMUNITY BANK SYSTEM SIGNS DATA PROCESSING AGREEMENT WITH MELLON BANK

COMMUNITY BANK SYSTEM SIGNS DATA PROCESSING AGREEMENT WITH MELLON BANK
 SYRACUSE, N.Y., Dec. 31 /PRNewswire/ -- Edwin J. Lyons, president and chief executive officer of Community Bank System, Inc. (NASDAQ-NMS: CBSI), a $630 million multi-bank holding company based in DeWitt, N.Y., announced today that the company has entered into a five-year agreement with Mellon Bank, N.A. to provide data processing services to CBSI.
 Lyons stated that this agreement is a major component in the company's program to improve profitability by restructuring its five independent commercial banks into a single upstate New York bank, a consolidation which will become effective on Jan. 1, 1992. When conversion to the Mellon Data Center is completed in mid-1992, CBSI projects savings in annual data processing expense in excess of 50 percent or $1 million compared to 1991's level.
 As a result of this decision, the company will recognize an immediate $1.6 million write-down in the value of its wholly owned subsidiary, Northeastern Computer Services, Inc. (NECS). This figure is net of the proceeds expected from the sale of NECS during the first quarter of 1992 to Island Computer Corporation of Bohemia, N.Y., as reflected in a recently signed letter of intent.
 -0- 12/31/91
 /CONTACT: David G. Wallace, senior vice president and chief financial officer of Community Bank System, 315-445-2282/
 (CBSI) CO: Community Bank System, Inc.; Mellon Bank, N.A. ST: New York IN: FIN SU:


GK-OS -- NY011 -- 5846 12/31/91 10:53 EST
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Publication:PR Newswire
Date:Dec 31, 1991
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