Community Bank System, Inc. Changes Corporate Name to Community Financial System, Inc.
The new name – Community Financial System – allows us to emphasize the evolution of our capabilities, solutions, and focus.
May 16, 2024
BPAS is a wholly-owned subsidiary of Community Financial System, Inc. (CBSI, NYSE: CBU).
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 May 15th. 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.”
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