- Community Bank System (CBU) will take a Q4 after-tax charge of $0.12 per share after selling its entire portfolio of bank and insurance trust-preferred CDO securities "in response to uncertainties created by the announcement of the final rules implementing the Volcker rule." The company earned $0.54 in Q3.
- Hardly systemically important, the upstate New York bank has just $7.3B in assets. More on Volcker's unintended consequences.
- Press release