Community Financial System, Inc. Announces Quarterly Common Stock Dividend and Results of Annual Shareholders’ Meeting

Community Financial System, Inc. (NYSE: CBU) (the “Company”) announced that it has declared a quarterly cash dividend of $0.45 per share on its common stock. The dividend will be payable on July 10, 2024 to Shareholders of record as of June 14, 2024. The $0.45 cash dividend represents an annualized yield of 3.78% based on the closing share price of $47.64 on May 14, 2024.

The Company also announced that its Shareholders voted in line with the Board of Directors’ recommendations on all proposals at its Annual Shareholders’ Meeting on May 15, 2024 and elected all twelve (12) of the directors standing for re-election for a one-year term. The Shareholders also (i) approved, on an advisory basis, the Company’s executive compensation programs, (ii) approved an amendment to the Company’s 2022 Long-Term Incentive Plan, as amended, and (iii) ratified the appointment of PricewaterhouseCoopers LLP to serve as the Company’s independent registered public accounting firm.

About Community Financial System, Inc.

Earlier today, the Company announced that it has changed its corporate name from Community Bank System, Inc. to Community Financial System, Inc. (the “Company”). The Company is a diversified financial services company that is focused on four main business lines – banking, employee benefit services, insurance services and wealth management. Its 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. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 75 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. Effective May 24, 2024, the Company will trade under the name Community Financial System, Inc. For more information about the Company visit www.cbna.com or www.communityfinancialsystem.com.