Community Bank System, Inc. and Community Bank, N.A. Appoint Dimitar Karaivanov to Serve as Director, Effective as of January 1, 2024
December 22, 2023 at 05:00 pm
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On December 20, 2023, Community Bank System, Inc.?s Board of Directors elected Dimitar Karaivanov, the Company?s Executive Vice President and Chief Operating Officer (?COO?), to serve as a Director of the Company and its wholly-owned subsidiary, Community Bank, N.A. (the ?Bank?), effective as of January 1, 2024. Mr. Karaivanov?s election to the Board is part of the previously announced succession plan in which Mr. Karaivanov will assume the role of President and Chief Executive Officer of the Company and the Bank effective as of January 1, 2024. Mr. Karaivanov will serve on the Company?s and the Bank?s Risk Committee.
There are no arrangements or understandings between Mr. Karaivanov and any other persons pursuant to which he was elected as a Director of the Company and the Bank.
Community Financial System, Inc., formerly Community Bank System, Inc., is a diversified financial services company. The Company is focused on four main business lines, such as banking, employee benefit services, insurance services and wealth management. The Companyâs banking subsidiary, Community Bank, N.A., operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Companyâs Benefit Plans Administrative Services, Inc. subsidiary is a provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Companyâs OneGroup NY, Inc. subsidiary is a United States insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Wealth Management operating unit.