This Week
  • Centers for Medicaid and Medicare Services to end much-debated electronic records plan.

  • Founding director Andrew Phelps believes in the MAGIC Center at RIT.

  • MediSked offers a system to to help those with developmental disabilities.

  • Area financial institutions are working to diversify their revenue sources.

  • Rebekah Frischkorn knew from the start that agency work was right for her.

  • Mirror Show Management grabbed the top spot on the 2015 Rochester Top 100.

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