Community Financial announces board member retirement

Community Financial System, Inc. (NYSE:CBU), a national commercial banking institution with a market capitalization of $3.42 billion and an impressive one-year return of over 51%, disclosed today that board member Susan E. Skerritt has decided not to seek re-election and will retire following the company's 2025 Annual Meeting of Shareholders. The announcement was made in a Form 8-K filing with the Securities and Exchange Commission.

Ms. Skerritt's departure from the board is not due to any disagreements with the company regarding its operations, policies, or practices. The retirement will become effective immediately after the 2025 Annual Meeting, the date of which has not been specified in the filing. According to InvestingPro data, CBU has maintained strong financial health, currently trading at a P/E ratio of 18.94 with a dividend yield of 2.82%.

Community Financial System, Inc., headquartered in DeWitt, New York, operates under the jurisdiction of Delaware and is listed on the New York Stock Exchange with the ticker symbol CBU. The company, formerly known as Community Bank System, Inc., has undergone several name changes in the past, with the most recent one occurring in August 2013.

The company's SEC filing did not indicate any immediate plans for a successor or changes to the board's composition following Ms. Skerritt's retirement. The details provided in the filing are strictly factual, and the company has made no further statements regarding the impact of this change on its governance or strategic direction.

This news is based on a press release statement and serves to inform shareholders and the public of the upcoming changes to the board of directors at Community Financial System, Inc. InvestingPro analysis reveals that CBU has raised its dividend for 27 consecutive years, demonstrating strong commitment to shareholder returns. For detailed insights and additional ProTips about CBU's financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.

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