CBU

Community Bank System Rebrands to Community Financial System

Community Financial System, Inc. (NYSE: CBU) has announced a change in its corporate name from Community Bank System, Inc. The new name better reflects the company's broader business model and mission to contribute to the prosperity of its community. The company operates four complementary business units: Community Bank N.A., Benefit Plan Administrative Services, Inc. (BPAS), OneGroup NY, Inc. (OneGroup), and Wealth Management.

Under the new name, Community Financial System, Inc. aims to emphasize the evolution of its capabilities, solutions, and focus. The company's banking business, Community Bank N.A., has consistently been ranked as one of the top banks in the U.S. by Forbes. Additionally, its employee benefit services business, BPAS, was recently recognized as a top 5 recordkeeper across all market segments by the National Association of Plan Advisors (NAPA) Advisors' Choice Awards.

Furthermore, the company's insurance services business, OneGroup, was ranked #75 among the top 100 property/casualty agencies by the Insurance Journal. Its wealth management services business has full-service capabilities and advises on more than $12 billion of assets.

Notably, over 39% of the company's revenue is comprised of diversified fee income businesses, well over twice that of industry peers. The company's ticker symbol will remain unchanged, and its common stock will start trading on the New York Stock Exchange as Community Financial System, Inc. on May 24, 2024.

It's worth mentioning that the company's 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. Additionally, its benefit plans administrative services subsidiary, BPAS, is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services on a national scale.

The company's insurance agency, OneGroup NY, Inc., is also a top 75 U.S. insurance agency. Furthermore, the company offers comprehensive financial planning, trust administration, and wealth management services through its wealth management operating unit.

Effective May 24, 2024, the company's stock will trade under the name Community Financial System, Inc., highlighting its commitment to providing comprehensive financial services and contributing to the prosperity of its community, including its clients, colleagues, and shareholders. The market has reacted to these announcements by moving the company's shares 0.6% to a price of $48.62. Check out the company's full 8-K submission here.

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