Market Overview

Community Bank System, Inc. Announces Quarterly Dividend and Expected Closing for Merger with Kinderhook Bank Corp.

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Community Bank System, Inc. (NYSE:CBU) (the "Company") announced that it
has declared a quarterly cash dividend of $0.38 per share on its common
stock. The dividend will be payable on April 10, 2019 to shareholders of
record as of March 15, 2019. The $0.38 cash dividend represents an
annualized yield of 2.35% based on the closing share price of $64.71 on
February 20, 2019.

On January 22, 2019, the Company announced that it entered into a
definitive agreement with Kinderhook Bank Corp., parent company of
National Union Bank of Kinderhook, pursuant to which the Company will
acquire Kinderhook Bank Corp. in an all cash transaction representing
total consideration valued at approximately $93.4 million (the
"Merger"). The Merger will extend the Company's footprint into the
Capital District of Upstate New York. Upon the completion, Community
Bank, N.A., the Company's banking subsidiary, will add 11 branch
locations across a five county area in the Capital District of Upstate
New York with approximately $640 million in assets, and deposits of $560
million. At the present time, the Company expects the Merger to close
during the third quarter of 2019, subject to customary closing
conditions, including approval by the shareholders of Kinderhook Bank
Corp. and required regulatory approvals.

Community Bank System, Inc. operates more than 230 customer facilities
across Upstate New York, Northeastern Pennsylvania, Vermont, and Western
Massachusetts through its banking subsidiary, Community Bank, N.A. With
assets of over $10.6 billion, the DeWitt, N.Y. headquartered company is
among the country's 150 largest financial institutions. In addition to a
full range of retail, business, and municipal banking services, the
Company offers comprehensive financial planning, insurance and wealth
management services through its' Community Bank Wealth Management Group
and OneGroup NY, Inc. operating units. The Company's Benefit Plans
Administrative Services, Inc. subsidiary is a leading provider of
employee benefits administration, trust services, collective investment
fund administration and actuarial consulting services to customers on a
national scale. Community Bank System, Inc. is listed on the New York
Stock Exchange and the Company's stock trades under the symbol CBU. For
more information about Community Bank visit www.cbna.com
or http://ir.communitybanksystem.com.

This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The
following factors, among others, could cause the actual results of CBU's
operations to differ materially from CBU's expectations: the successful
integration of operations of its acquisitions; competition; changes in
economic conditions, interest rates and financial markets; and changes
in legislation or regulatory requirements.
These statements are
based on the current beliefs and expectations of CBU's management and
CBU does not assume any duty to update forward-looking statements.

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