Community Financial System, Inc. Announces Annual Stock Repurchase Program

Community Financial System, Inc. (NYSE: CBU) disclosed in an 8-K filing with the Securities and Exchange Commission that its Board of Directors has approved an annual stock repurchase program on December 18, 2024. The program allows for the repurchase of up to 2,628,000 shares of the company’s common stock during the upcoming twelve-month period starting January 1, 2025.

Senior management will exercise discretion in utilizing the repurchase program, subject to approval by the company’s regulators. The shares may be repurchased based on market conditions and other relevant factors through open market or privately negotiated transactions, in line with Rule 10b-18 of the Securities Exchange Act of 1934 and other pertinent legal requirements. This newly approved repurchase plan replaces the existing program, which is set to expire on December 31, 2024. Under the current program, the company has bought back 1,000,000 shares of its common stock year-to-date.

Investors and market analysts will closely monitor how the implementation of the repurchase program unfolds and how it impacts the company’s overall financial position moving forward.

This press release includes forward-looking statements regarding future expectations, plans, and prospects, emphasizing that actual results might differ due to market conditions and other factors specified in the company’s reports to the Securities and Exchange Commission.

Community Financial System, Inc. is yet to issue further updates or statements regarding the progress of the stock repurchase plan. For more information on the company’s developments and financial activities, interested parties are encouraged to follow subsequent announcements by the company.

As the Board of Directors moves forward with the repurchase program, shareholders and interested investors will be keen to observe its implications on the company’s stock performance and financial health in the upcoming fiscal year.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Community Bank System’s 8K filing here.

About Community Bank System

Community Bank System, Inc operates as the bank holding company for Community Bank, N.A. that provides various banking and other financial services to retail, commercial, institutional, and municipal customers. It operates through three segments: Banking, Employee Benefit Services, and All Other. The company offers various deposits products, such as interest and noninterest -bearing checking, savings, and money market deposit accounts, as well as time deposits.