UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities and Exchange Act of 1934
Date of Report: August 21, 1997
(Date of earliest event reported)
COMMUNITY BANK SYSTEM, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-11716 16-1213679
(State or other Jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification number)
5790 Widewaters Parkway, DeWitt, New York 13214
(Address of principal executive offices) (Zip Code)
Registrant's telephone number
including area code: (315) 445-2282
Not Applicable
(Former name or former address, if changed since last report)
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Items 1 - 4. Not Applicable
Item 5. Other Events
Newsrelease dated August 21, 1997 announcing the declaration of quarterly
dividend to shareholders of $.20 per share on its Common Stock.
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NEWS RELEASE
COMMUNITY BANK SYSTEM, INC. For further information
5790 Widewaters Parkway, DeWitt, New York 13214 please contact:
David G. Wallace, SVP and
Chief Financial Officer
Office: 315/445-2282
Fax: 315/445-2997
FOR IMMEDIATE RELEASE
COMMUNITY BANK SYSTEM, INC. INCREASES DIVIDEND
SYRACUSE, NY, August 21, 1997 ---- Community Bank System, Inc.
(Nasdaq/NMS: CBSI) announced that its Board of Directors approved an increased
quarterly cash dividend of $.20 per share on its Common Stock, which will be
payable October 10, 1997 to shareholders of record September 15, 1997.
Sanford A. Belden, President and Chief Executive Officer, stated that
this action reflects a $.02 per share or 11.1% increase compared to a $.015 per
share or 9.1% increase approved one year ago. Prior to this most recent action,
the dividend yield on the Company's stock was 2.5% based on the August 18, 1997
closing price of $28.75.
CBSI is a registered bank holding company based in DeWitt, New York,
with assets in excess of $1.6 billion. Its wholly-owned banking subsidiary,
Community Bank, N.A., has 68 customer facilities offering a broad range of
financial services to both retail and commercial customers located throughout
Northern New York, the Finger Lakes Region, the Southern Tier, and Southwestern
New York. CBSI is also parent to Benefit Plans Administrative Services, Inc.
(BPAS), a pension actuarial and recordkeeping firm located in Utica, New York,
serving sponsors of defined benefit and defined contribution plans.
* * *
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Community Bank System, Inc.
(Registrant)
by: /s/ Sanford A. Belden
Sanford A. Belden
President and
Chief Executive Officer
August 21, 1997
