Community Bank System, Inc. Changes Corporate Name to Community Financial System, Inc.
15 Maio 2024 - 12:00PM
Business Wire
New corporate name reflects the Company’s
broader business model and mission in contributing to the
prosperity of its community, including its clients, colleagues and
shareholders by providing comprehensive financial services.
Community Bank System, Inc. (NYSE: CBU) (the “Company”), a
diversified financial services holding company operating four
complementary business units: Community Bank N.A., Benefit Plan
Administrative Services, Inc. (“BPAS”), OneGroup NY, Inc.
(“OneGroup”), and Wealth Management, announced that it has changed
its corporate name to “Community Financial System, Inc.”
(“Community Financial System”) effective as of today. The name
change reflects the Company’s broader business model and mission in
contributing to the prosperity of its community, including its
clients, colleagues and shareholders by providing comprehensive
financial services across its four main business lines.
The Company’s ticker symbol will not change and its common stock
will start trading on the New York Stock Exchange as Community
Financial System, Inc. on May 24, 2024.
“The new name – Community Financial System – allows us to
emphasize the evolution of our capabilities, solutions and focus,”
said Dimitar A. Karaivanov, President and CEO of the Company. “We
have diligently diversified, invested in and nurtured our four key
businesses and today offer a comprehensive set of banking, benefits
administration, insurance and wealth management services both
locally and on a nationwide basis.
"Our banking business, Community Bank, N.A., is consistently
ranked as one of the top banks in the U.S. by Forbes; our employee
benefit services business, BPAS, was recently named Top 5
Recordkeeper across all market segments by the National Association
of Plan Advisors (NAPA) Advisors’ Choice Awards; our insurance
services business, OneGroup, was ranked #75 amongst the Top 100
Property/Casualty Agencies by the Insurance Journal, and our wealth
management services business has full service capabilities and
advises on more than $12 billion of assets.
"In aggregate, over 39% of our revenue is comprised of
diversified fee income businesses, well over twice that of industry
peers. Bringing all of that under the new name, Community Financial
System, underscores our mission and drives our inclusiveness as one
company.”
About Community Financial System, Inc.
Community Financial System, Inc. 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/20240515344229/en/
Joseph E. Sutaris, EVP & Chief Financial Officer Office:
(315) 445-7396
Community Financial System (NYSE:CBU)
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