Review Mortgage Lenders

Community Bank

Community Bank - News


Community Bank System's net income falls 17.5 percent
http://www.buffalonews.com/business/community-bank-systems-net-income-falls-175-percent-20140122
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 ...
http://www.banktech.com/payments-cards/how-mobile-photo-bill-pay-is-helping-com/240165626
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%
http://www.bizjournals.com/buffalo/news/2014/01/22/community-bank-2q-profits-drop-nearly.html
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
http://www.npr.org/blogs/money/2014/01/10/261399429/how-a-community-bank-tripped-on-footnote-1-861-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 ...

Former community bank CEO returns to legal profession

Paul Aguggia, a former bank executive, is practicing law again.

Holland & Knight in New York said in a press release Tuesday that Aguggia had become a partner.

Aguggia was chairman and CEO of Clifton Bancorp in New Jersey from 2014 until the bank sold to Kearny Financial in Fairfield, N.J., earlier this year. Aguggia had been on Kearny’s board until October.

He was the chairman of law firm Kilpatrick Townsend & Stockton before joining Clifton.

Aguggia “brings to the firm his experience as a practicing attorney, law firm leader, and chief executive officer and director of a public company,” Steven Sonberg, Holland & Knight's managing partner, said in the release. “His background makes him uniquely qualified to advise clients, boards ... and management on a broad range of matters. His extensive network of contacts will also be of great value as we continue to expand our presence in the financial services industry.”

Aguggia has been lead outside counsel for many financial institutions, advising them on corporate transactions and regulatory issues, among other things.

Raymond James & Associates Decreases Holdings in Community Bank System, Inc. (CBU)

Raymond James & Associates lessened its stake in Community Bank System, Inc. (NYSE:CBU) by 3.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,210 shares of the bank’s stock after selling 887 shares during the period. Raymond James & Associates’ holdings in Community Bank System were worth $1,371,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of CBU. Wells Fargo & Company MN grew its holdings in shares of Community Bank System by 137.9% during the 1st quarter. Wells Fargo & Company MN now owns 127,567 shares of the bank’s stock worth $6,832,000 after acquiring an additional 73,937 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Community Bank System by 60.2% during the 1st quarter. Envestnet Asset Management Inc. now owns 2,659 shares of the bank’s stock worth $144,000 after acquiring an additional 999 shares during the period. Koch Industries Inc. purchased a new position in shares of Community Bank System during the 1st quarter worth approximately $272,000. Principal Financial Group Inc. grew its holdings in shares of Community Bank System by 2.8% during the 1st quarter. Principal Financial Group Inc. now owns 394,541 shares of the bank’s stock worth $21,131,000 after acquiring an additional 10,635 shares during the period. Finally, Profund Advisors LLC grew its holdings in shares of Community Bank System by 15.6% during the 1st quarter. Profund Advisors LLC now owns 8,886 shares of the bank’s stock worth $476,000 after acquiring an additional 1,200 shares during the period. Institutional investors and hedge funds own 70.53% of the company’s stock.

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.