Profile: Community Bank System Inc (CBU)
17 Jun 2019
Community Bank System, Inc., incorporated on April 15, 1983, is a bank holding company. The Company owns two subsidiaries: Community Bank, N.A. (CBNA or the Bank) and Benefit Plans Administrative Services, Inc. (BPAS). The Company operates in three segments: banking, employee benefit services, and All Other. Included in the All Other segment are the smaller Wealth Management and Insurance segments. As of December 31, 2016, BPAS owned four subsidiaries: Benefit Plans Administrative Services, LLC (BPA), BPAS Actuarial & Pension Services, LLC (BPAS-APS), BPAS Trust Company of Puerto Rico and Hand Benefits & Trust Company (HB&T). BPA is a provider of defined contribution plan administration services. BPAS-APS is a provider of actuarial and benefit consulting services. BPAS Trust Company of Puerto Rico is a Puerto Rican trust company. HB&T is a provider of collective investment fund administration and institutional trust services. HB&T owns one subsidiary, Hand Securities, Inc. (HSI), an introducing broker dealer. The Company also owns two unconsolidated subsidiary business trusts formed for the purpose of issuing mandatorily-redeemable preferred securities, which are considered Tier I capital under regulatory capital adequacy guidelines.
As of December 31, 2016, the Bank operated 193 branches under the Community Bank, N.A. name throughout 35 counties of Upstate New York and six counties of Northeastern Pennsylvania offering a range of commercial and retail banking services. The Bank owns the operating subsidiaries, including The Carta Group, Inc. (Carta Group), CBNA Preferred Funding Corporation (PFC), CBNA Treasury Management Corporation (TMC), Community Investment Services, Inc. (CISI), Nottingham Advisors, Inc. (Nottingham), OneGroup NY, Inc. (OneGroup), Oneida Wealth Management, Inc. (OWM) and Oneida Preferred Funding II LLC (OPFC II). OneGroup is an insurance agency offering personal and commercial property insurance and other risk management products and services. PFC and OPFCII primarily act as investors in residential real estate loans and properties. TMC provides cash management, investment, and treasury services to the Bank. CISI, the Carta Group and OWM provide broker-dealer and investment advisory services. Nottingham provides asset management services to individuals, corporations, corporate pension and profit sharing plans, and foundations.
The Banking segment provides an array of lending and depository-related products and services to individuals, businesses and municipal enterprises. In addition, to general liquidity and intermediation services, the Banking segment provides treasury management solutions, capital financing products and payment processing services.
Employee benefit services
The Employee benefit services segment, consisting of BPAS and its subsidiaries, provides employee benefit trust services; collective investment fund; retirement plan and health savings account plan administration services; actuarial services, and healthcare consulting services. As of December 31, 2016, BPAS serviced approximately 3,800 retirement plans and more than 400,000 plan participants. In addition, BPAS operates from 10 offices located in New York, New Jersey, Pennsylvania, Texas and Puerto Rico.
The All Other segment consists of wealth management services, including trust services provided by the personal trust unit within the Bank, broker-dealer and investment advisory services provided by CISI, OWM and Carta Group, and asset management provided by Nottingham. The All Other segment also consists of full-service insurance, risk management and employee benefit services provided by OneGroup.
Community Bank System Inc
5790 WIDEWATERS PKWY
DE WITT NY 13214-1884