Community Bank System, Inc. Announces Quarterly Dividend

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 January 10, 2019 to shareholders of record
as of December 14, 2018. The $0.38 cash dividend represents an
annualized yield of 2.40% based on the closing share price of $63.25 on
November 20, 2018.

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 $10.6 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, insurance and wealth
management services through its Community Bank Wealth Management Group
and OneGroup NY, Inc. operating subsidiaries. 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.communitybankna.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