BRIEF: Profits drop at Community Bank System due to federal assessment

Thu. July 23, 2009; Posted: 05:06 PM

Jul 23, 2009 (The Buffalo News - McClatchy-Tribune Information Services via COMTEX) -- CBU | Quote | Chart | News | PowerRating -- Community Bank System said second-quarter profits fell 18.9 percent because of a $3.7 million special assessment by the Federal Deposit Insurance Corp. to shore up the federal deposit insurance fund.

The DeWitt, N.Y.-based bank, which operates 33 branches and a money manager in Western New York, reported profits of $39.2 million, or 28 cents per share, down from $11.3 million or 37 cents per share a year ago.

Without the FDIC assessment, which was imposed on all banks in amounts varying by deposits, Community Banki 1/2s earnings were flat from a year ago.

i 1/2Our disciplined approach to challenging market conditions produced solid operating results for the second quarter of 2009,i 1/2 said President and CEO Mark E. Tryniski, in a press release.

The banki 1/2s board declared a 22 cent quarterly dividend, payable on Oct. 9 to shareholders of record on Sept. 15. The board also approved a buyback of up to 1 million common shares through the end of 2011.

jepstein@buffnews.com

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For full details on Community Bank Systm Inc (CBU) click here. Community Bank Systm Inc (CBU) has Short Term PowerRatings of 6. Details on Community Bank Systm Inc (CBU) Short Term PowerRatings is available at This Link.

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