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Community Bank System, Inc. (NYSE: CBU) announced today that it acquired Fringe Benefits Design of Minnesota, Inc. (“FBD”), a provider of retirement plan administration and benefit consulting services with offices in Minnesota and South Dakota. FBD will become a subsidiary of Benefit Plans Administrative Services, Inc. (“BPAS”), a wholly-owned subsidiary of Community Bank System.
BPAS, through its various subsidiaries provides daily valuation, actuarial and employee benefit consulting, cafeteria plan and institutional trust services on a national scale, from offices in Utica and Syracuse, NY, Pittsburgh and Philadelphia, PA, Houston, TX Boston, MA and Puerto Rico.
The acquisition of FBD is expected to give BPAS a profile of over $110 million in annual revenues, administration of more than 510,000 retirement plan participant accounts, 4,200 employer clients, approximately $13 billion in defined contribution plan assets on its daily valuation syste
OSWEGO - Just as their name suggests, Community Bank System Inc. is truly a community partner and committed to the well-being and sustainability of the communities it serves as theyâve recently supported critical initiatives to transform local healthcare with a donation to The Campaign for Oswego Health.
The Oswego Health Foundation, the philanthropic arm of Oswego Health, the largest nonprofit healthcare system in Oswego County, was awarded $50,000 to support its $3.5 million comprehensive campaign, Caring for Our Community, Right at Home, The Campaign for Oswego Health.
âMy relationship with Oswego Health started in July 1960 when I was born at Oswego Hospital,â shared Mark Tryniski, President and CEO at Community Bank. âTheyâve been there for me a long time you could say.â
Community Bank: Q1 Earnings Snapshot
April 26, 2021 GMT
DEWITT, N.Y. (AP) Community Bank System Inc. (CBU) on Monday reported first-quarter net income of $52.9 million.
The Dewitt, New York-based bank said it had earnings of 97 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The bank holding company posted revenue of $156.2 million in the period. Its revenue net of interest expense was $152.5 million, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $154.6 million.
Community Bank shares have climbed 26% since the beginning of the year. The stock has increased 31% in the last 12 months.
Operator
Welcome to the Community Bank System First Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today s presentation, there will be an opportunity to ask questions. [Operator Instructions]
Please note that this presentation contains forward-looking statements within the provisions of the Private Security Litigation Reform Act of 1995 that are based on current expectations, estimates, and projections about the industry, markets and economic environment in which the Company operates. Such statements involve risks and uncertainties that could cause results to differ materially from the results discussed in these statements. These risks are detailed in the Company s Annual Report and Form 10-K filed with the Securities and Exchange Commission.
Community Bank NA WARMTH challenge grant reaches $17,500 goal | Vermont Business Magazine vermontbiz.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from vermontbiz.com Daily Mail and Mail on Sunday newspapers.