This Week
  • Prominent cancer surgeon to lead URMC's department of surgery.

  • ConServe does collection work for government, education and business.

  • Donald Mead draws on his experience in leading furniture maker Gunlocke Co.

  • Arts and cultural groups are using a range of strategies to draw younger people.

  • Anne Gabel, 27, owns MJ Gabel Diamond and Jewelry Buyers.

  • The RBJ 75 supplement presents a list of the 75 largest private-sector employers.

Community Bank's profit drops by 8 percent

Rochester Business Journal
October 25, 2012

Acquisition expenses cut Community Bank System Inc.’s third-quarter profit by 8 percent.

The DeWitt, Onondaga County-based parent of Community Bank N.A. in the Rochester market reported this week income of $18.3 million, or 46 cents a diluted share, attributable to common shareholders. That compares with $20 million, or 54 cents a share, in the third quarter 2011.

The bank said Tuesday the results were affected by costs of $4.8 million, or 8 cents a share, related to the purchase of First Niagara Bank N.A. and HSBC Bank USA N.A. branches.

“With the acquisition and conversion process of 19 former HSBC and First Niagara branch locations in our core Upstate New York markets completed, we are working to solidify and expand the service relationship with our new customers and remain excited by the potential to create incremental shareholder value from this transaction,” President and CEO Mark Tryniski said in a statement.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google