Community Bank System Inc. announces an Equity Buyback for 2,000,000 shares.
January 04, 2014 at 03:17 am IST
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Community Bank System Inc. (NYSE:CBU) announces a share repurchase program. Under the program, the company will repurchase up to 2,000,000 shares. Such shares will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable legal requirements.
Repurchases may be made at the discretion of senior management depending on market conditions and other relevant factors. The program will continue for a period of 12 months from effective date i.e., January 1, 2014.
Community Financial System, Inc., formerly Community Bank System, Inc., is a diversified financial services company. The Company is focused on four main business lines, such as banking, employee benefit services, insurance services and wealth management. The Companyâs banking subsidiary, Community Bank, N.A., operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Companyâs Benefit Plans Administrative Services, Inc. subsidiary is a provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Companyâs OneGroup NY, Inc. subsidiary is a United States insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit.
COMMUNITY FINANCIAL SYSTEM, INC. 
