Community Bank, N.A. Appoints President and CEO of Community Bank Wealth Management
30 Junho 2023 - 7:45AM
Business Wire
Community Bank System, Inc. (NYSE: CBU) (the “Company”) today
announced that Community Bank, N.A., its wholly-owned banking
subsidiary (the “Bank”), has appointed Michael T. Cerminaro as the
President and Chief Executive Officer of Community Bank’s Wealth
Management division. This appointment and succession reflects the
Company’s long standing commitment to growth and investment in its
wealth management business line.
Dimitar Karaivanov, the Company’s Executive Vice President and
Chief Operating Officer, commented, “Mike brings a breadth and
depth of experience and expertise to this role, making him an
excellent choice to lead our wealth management business. With his
proven track record of growing sizable wealth businesses, and his
high energy level, I am confident in his ability to drive the
division's success and ensure our clients’ financial objectives are
met. We would also like to express our gratitude to Paul Restante,
who has played a pivotal role in taking our business to the next
level since assuming the leadership role over a decade ago. I am
pleased that Paul will continue with us as Managing Director and
will work closely with Mike to prepare the business for this next
stage of growth.”
Mr. Cerminaro joins the Bank with over 30 years of experience,
having most recently served as Market Head for
Northeast/Mid-Atlantic Region and Head of US Ultra-High Net Worth
for HSBC Bank USA.
With over $7.7 billion of assets under management and
administration, Community Bank Wealth Management provides
comprehensive asset management, strategic wealth and succession
planning, trust administration and retirement plan design services
across NY, PA, VT, MA and FL through the Bank’s trust department,
and its subsidiaries: Community Investment Services, The Carta
Group, Inc., Nottingham Advisors, Inc. and OneGroup Wealth
Partners, Inc. Community Bank Wealth Management is part of
Community Bank System, Inc., a financial services holding company
with assets of over $15.2 billion. 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 https://ir.communitybanksystem.com.
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on the current beliefs and
expectations of the Company’s management and are subject to
significant risks and uncertainties. Actual results may differ from
those set forth in the forward-looking statements. The following
factors, among others, could cause the actual results of the
Company’s operations to differ materially from its expectations:
the macroeconomic and other challenges and uncertainties related to
or resulting from recent bank failures; current and future economic
and market conditions, including the effects on housing prices,
unemployment rates, high inflation, U.S. fiscal debt, budget and
tax matters, geopolitical matters, and global economic growth;
fiscal and monetary policies of the Federal Reserve Board; the
potential adverse effects of unusual and infrequently occurring
events; management’s estimates and projections of interest rates
and interest rate policies; the effect of changes in the level of
checking or savings account deposits and net interest margin;
future provisions for credit losses on loans and debt securities;
changes in nonperforming assets; the effect on stock market prices
on the Company’s fee income businesses, including its employee
benefit services, wealth management, and insurance businesses; the
successful integration of operations of its acquisitions;
competition; changes in legislation or regulatory requirements; and
the timing for receiving regulatory approvals and completing
pending transactions. For more information about factors that could
cause actual results to differ materially from the Company’s
expectations, refer to its reports filed with the Securities and
Exchange Commission (“SEC”), including the discussion under “Risk
Factors” as filed with the SEC and available on the Company’s
website at https://ir.communitybanksystem.com and on the SEC’s
website at www.sec.gov. Further, any forward-looking statement
speaks only as of the date on which it is made, and the Company
undertakes no obligation to update any forward-looking statement to
reflect events or circumstances after the date on which the
statement is made or to reflect the occurrence of unanticipated
events.
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version on businesswire.com: https://www.businesswire.com/news/home/20230630391701/en/
Joseph E. Sutaris, EVP & Chief Financial Officer Office:
(315) 445-7396
Community Financial System (NYSE:CBU)
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