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 Exchange Act of 1934
Date of Report: December 10, 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
News Release dated December 10, 1997 announcing CBSI filed application to
list its common stock on the New York Stock Exchange.
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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, S.V.P. and
Chief Financial Officer
Office: 315/445-2282
FOR IMMEDIATE RELEASE Fax: 315/445-2997
COMMUNITY BANK SYSTEM, INC. TO LIST ON NEW YORK STOCK EXCHANGE
Syracuse, New York, December 10, 1997 ----- Community Bank System, Inc.
(Nasdaq NMS: CBSI) announced today that it has filed an application to list its
common stock on the New York Stock Exchange. The Company's shares will continue
trading on the Nasdaq National Market System until its New York Stock Exchange
listing under the symbol "CBU" is effective, which is anticipated to be December
31, 1997.
Sanford A. Belden, President and Chief Executive Officer, stated, "Based on
our research, stock of companies of CBSI's size which are traded in an auction
market, such as the New York Stock Exchange, versus in a dealer market, such as
Nasdaq, experience less price volatility, offer more efficient pricing to
investors, and benefit from greater market depth. We believe that our listing on
the New York Stock Exchange will offer similar value to CBSI shareholders in
addition to enhancing our visibility to the investor community."
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 66 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
December 10, 1997
