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Section 1: 8-K (8-K)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

__________________

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 15, 2019

 

cid:image001.jpg@01CE4CC6.EF5C6B10

(Exact name of registrant as specified in its charter)

 

Delaware 001-13695 16-1213679
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)

 

5790 Widewaters Parkway, DeWitt, New York 13214
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (315) 445-2282

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $1.00 par value per share CBU New York Stock Exchange

  

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

¨

 

 

 

 

Item 5.07Submission of Matters to a Vote of Security Holders.

 

The 2019 Annual Meeting of Shareholders (the “Annual Meeting”) of Community Bank System, Inc. (the “Company”) was held on May 15, 2019 in Wilkes-Barre, Pennsylvania. At the Annual Meeting, the Company’s shareholders (i) elected three directors, (ii) approved on a non-binding advisory basis the Company’s executive compensation as set forth in the proxy statement, and (iii) ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm of the Company for the year ending December 31, 2019.

 

1.       The Company’s shareholders elected three individuals to the Board of Directors as set forth below:

 

Name of Director Number of Votes
For Against Abstain Broker Non-Votes
Mark J. Bolus 37,099,493 123,084 249,502 6,174,883
Jeffrey L. Davis 35,136,267 2,042,165 293,647 6,174,883
Eric E. Stickels 32,668,639 4,518,622 284,818 6,174,883

 

2.       The Company’s shareholders approved, on a non-binding advisory vote, our executive compensation programs, as described in the proxy statement, as set forth below:

 

For Against Abstain Broker Non-Votes
36,512,686 773,255 186,138 6,174,883

 

3.       The Company’s shareholders ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2010 as set forth below:

 

For Against Abstain
43,072,883 530,895 43,184

 

Item 8.01Other Events

 

On May 16, 2019, the Company issued a press release announcing the results of its Annual Meeting and the approval by the Board of Directors of a regular quarterly dividend of $0.38 per share payable on July 10, 2019, to shareholders of record as of June 14, 2019.

 

 

 

 

Item 9.01Financial Statements and Exhibits.

 

(a)Not applicable.
(b)Not applicable.
(c)Not applicable.
(d)Exhibits.

 

  Exhibit No. Description
     
  99.1 Press Release, dated May 16, 2019

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Community Bank System, Inc.  
       
       
  By: /s/ George J. Getman  
  Name: George J. Getman  
  Title: EVP and General Counsel  

 

Dated: May 17, 2019

 

 

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Section 2: EX-99.1 (EXHIBIT 99.1)

  

Exhibit 99.1

 

News Release

For further information, please contact:

5790 Widewaters Parkway, DeWitt, N.Y. 13214

Joseph E. Sutaris, EVP & Chief Financial Officer

Office: (315) 445-7396

 

Community Bank System, Inc.

Announces Quarterly Common Stock Dividend and

Results of Annual Shareholders’ Meeting

 

SYRACUSE, N.Y. — May 16, 2019 — 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.

 

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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.

 

 

 

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