CBU - Community Bank System: Unremarkable Bank - Excessive Valuation
Community Bank System (CBU) is a regional bank with $11 billion in assets primarily serving outstate New York. The bank also has branches throughout Vermont, northern Pennsylvania, and a small presence in western Massachusetts. The company, as the name vaguely implies, has been a consolidator of community banks over the last two decades having completed 12 acquisitions with another currently in process.
In general, Community Bank System is an unremarkable bank. The company is not particularly unusual in terms of asset quality, dividends, earnings growth, efficiency ratios, equity growth, interest rate sensitivity, or