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Community Bank - News

Community Bank System's net income falls 17.5 percent
Community Bank said the drop in profits was influenced by the bank's sale of collateralized debt obligations and other actions that resulted in a pretax loss of $6.9 million. The bank said it did so in response to “uncertainties” related to the Volcker

How Mobile Photo Bill Pay Is Helping Community Banks Appeal to Mobile-Only ...
Community banks and credit unions using Picture Pay, a mobile photo bill pay solution from Allied Payment Network, have seen impressive growth rates in transactions and are attracting mobile-first customers, according to data released this week.

Community Bank 4Q profits drop nearly 18%
Community Bank attributed the decline to the divestment of the bank's entire portfolio of bank and insurance trust preferred collateralized debt obligation securities. The company announced the sale in December in response to newly approved federal 

How A Community Bank Tripped On Footnote 1861 Of The Volcker Rule
How A Community Bank Tripped On Footnote 1861 Of The Volcker Rule When people talk about the Volcker Rule, they often mention JPMorgan Chase, the giant bank where a trader recently made a bad bet that lost $6 billion. The Volcker Rule is supposed to put an end to that sort of thing, by prohibiting banks from trading

Credit Unions vs. Community Banks

Where do you put your hard earned money... in a large bank, local community bank or a credit union? Seems like a relatively simple question, but ...

Community Bank System to Enhance Capital District Presence with Acquisition of Kinderhook Bank Corp.

This transaction will provide natural market extension for both institutions, joining two high-quality, low-risk franchises with long histories of customer service, as well as a commitment to their communities. Kinderhook Bank provides Community Bank, N.A. a solid operating presence in the Capital District of Upstate New York, with total assets of nearly $640 million, deposits of $560 million and 11 banking offices across a five county area.

Under the terms of the agreement, shareholders of Kinderhook Bank Corp. will receive consideration per share of common stock equal to $62.00 in cash. This price represents, assuming full conversion of preferred equity, approximately 193% of Kinderhook Bank Corp.’s tangible book value as of September 30, 2018.

“Our acquisition of Kinderhook Bank Corp. will extend our banking footprint into the attractive Capital District markets which are similar to the other Upstate New York markets in which we successfully compete,” said Mark E. Tryniski, President and Chief Executive Officer of Community Bank System. “Our move to establish a broader and deeper banking presence in this region reflects the relative economic, demographic and geographic attractiveness of the area. This investment also complements the financial commitment we made in 2018 when we added an experienced commercial banking team focused on the greater Albany area. We’re pleased with the results of this activity to date and confident that the Kinderhook franchise will further support our efforts to grow our retail and business banking presence in the Capital District. Kinderhook Bank has an impressive 165-year history of service to its customers, its communities and its shareholders, values which align closely with those of Community Bank. Equally important, our institutions have similar organizational values and cultures that respect and value the people that contribute to our success. We are delighted to welcome the Kinderhook Bank team to the Community Bank organization and look forward to the future of the combined company.

Community Bank reopens renovated Tower Square office in Springfield

SPRINGFIELD — Community Bank cut a ceremonial ribbon Thursday to mark a renovation of its offices in the Tower Square retail mall, and announced $12,500 in donations to three local groups.

Springfield Boys & Girls Club received $7,500 and YMCA of Greater Springfield and Big Brothers Big Sisters of Hampden County each received $2,500 in a brief ceremony attended by Springfield Mayor Domenic J. Sarno at the branch office.

The bank was once Nuvo Bank & Trust Co., which changed its name in May 2017 to Community Bank following a series of mergers that ended with Community Bank System buying Merchants Bank of Vermont.

Prior to selling itself to Merchants in 2015, Nuvo was an independent bank owned by local stockholders. It was founded in 2008.

Community Bank has more than 230 branch offices across upstate New York, northeastern Pennsylvania and Vermont. Tower Square is its only one in Massachusetts.

What is the opportunity cost for depositors who stay with Community Bank?

A new bank, Second National, has come to town and to attract depositors, it is offering a 6.5% interest rate for savings accounts. (Community Bank currently offers an interest rate of 6%.

Investors who stay with Community Bank are losing out on the extra 0.5% interest that they would earn at the new bank.