DEWITT, N.Y.--(BUSINESS WIRE)--Community Bank System, Inc. (NYSE:CBU) announced that its Board of Directors declared a quarterly cash dividend of $0.31 per share on its common stock. The dividend will be payable on October 9, 2015 to shareholders of record as of September 15, 2015. This one cent increase in the Company’s quarterly cash dividend over the same quarter of last year, or 3.3% higher, represents an annualized yield of 3.37% based on the Company’s closing price of $36.78 on August 19,