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

SYRACUSE, N.Y.–(BUSINESS WIRE)–Community Bank System, Inc. (NYSE:CBU) announced that it has declared a
quarterly cash dividend of $0.38 per share on its common stock. The
dividend will be payable on July 10, 2019 to shareholders of record as
of June 14, 2019. The $0.38 cash dividend represents an annualized yield
of 2.34% based on the closing share price of $65.08 on May 14, 2019.

The Company also announced that the Shareholders voted in line with the
Board of Directors’ recommendations on all proposals and elected the
three directors standing for re-election at its Annual Shareholders
Meeting on May 15, 2019. Directors Mark J. Bolus, Jeffrey L. Davis, and
Eric E. Stickels were elected to hold office until the 2022 Annual
Meeting of Shareholders or until their successors are duly elected and
qualified. The Shareholders also approved, on an advisory basis, the
Company’s executive compensation programs and ratified the appointment
of PricewaterhouseCoopers LLP to serve as the Company’s independent
registered public accounting firm.

Community Bank System, Inc. operates more than 230 customer facilities
across Upstate New York, Northeastern Pennsylvania, Vermont, and Western
Massachusetts through its banking subsidiary, Community Bank, N.A. With
assets of over $10.9 billion, the DeWitt, N.Y. headquartered company is
among the country’s 150 largest financial institutions. In addition to a
full range of retail, business, and municipal banking services, the
Company offers comprehensive financial planning and wealth management
services through its Community Bank Wealth Management Group and OneGroup
NY, Inc. operating units. 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. Community Bank System, Inc. is listed on the New York
Stock Exchange and the Company’s stock trades under the symbol CBU. For
more information about Community Bank visit www.cbna.com
or http://ir.communitybanksystem.com.

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. The
following factors, among others, could cause the actual results of CBU’s
operations to differ materially from CBU’s expectations: the successful
integration of operations of its acquisitions; competition; changes in
economic conditions, interest rates and financial markets; and changes
in legislation or regulatory requirements. These statements are
based on the current beliefs and expectations of CBU’s management and
CBU does not assume any duty to update forward-looking statements.

Contacts

Joseph E. Sutaris, EVP & Chief Financial Officer
Office: (315)
445-7396