COMMUNITY BANK SYSTEM, INC. DECLARES DIVIDEND
COMMUNITY BANK SYSTEM, INC. DECLARES DIVIDEND SYRACUSE, N.Y., Aug. 20 /PRNewswire/ -- Community Bank System, Inc.
(CBSI) announced that its board of directors has declared a quarterly cash dividend of $.25 per share on its common stock. The dividend will be payable Oct. 9, 1992 to stockholders of record Sept. 15, 1992.
In a statement released today, Edwin J. Lyons, president and CEO stated that this action by the board represents a $.05 increase from the $.20 previously paid and the first significant increase in the dividend since the first quarter of 1987, other than the modest $.01 increase made in April of this year. This action is also consistent with the company's policy of a target dividend payout of 35 percent to 40 percent of annual earnings and expresses the board's continued confidence in the earnings performance, asset quality and overall direction of the company since completing its successful reorganization and consolidation. Community Bank System, Inc. is a $653 million registered bank holding company based in Dewitt, N.Y. Through its wholly-owned national banking subsidiary, Community Bank, N.A., CBSI operates a full service banking network with 32 branches located throughout Northern New York, the Finger Lakes Region, the Southern Tier, and Southwestern New York, as well as a representative office in Ottawa, Canada. -0- 8/20/92 /CONTACT: Edwin J. Lyons, president and CEO of Community Bank System, Inc., 315-445-2282/ CO: Community Bank System, Inc. ST: New York IN: FIN SU: DIV
BM -- CL006 -- 1680 08/20/92 11:43 EDT
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|Date:||Aug 20, 1992|
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