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Community Bank reports record profits for 2016

Community Bank System reported a record high for full-year net income in 2016: $103.8 million, up 14 percent from $91.2 million the year before.

The DeWitt-based bank capitalized on its acquisition of Oneida Financial, a deal which it completed in late 2015.

In the fourth quarter alone, Community Bank reported a 32 percent increase in net income in the fourth quarter from a year ago, to $26.4 million.

Community Bank announced two acquisitions during the fourth quarter: Merchants Bancshares, which is based in Vermont, and Northeast Retirement Services, which is headquartered in Massachusetts.

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