Community Financial System Appoints John A. Vaccaro as Independent Director

By Hao Liu • Thursday, September 18 12:04 • Permanent Link

Community Financial System, Inc. (NYSE: CBU) has announced the appointment of John A. Vaccaro as a new independent director to its board of directors, effective October 1, 2025. Mr. Vaccaro, who brings extensive experience in wealth management, insurance, business strategy, financial oversight, and regulatory compliance, is the Chairman Emeritus of MML Investors Services, LLC, a national broker-dealer and registered investment advisor with over $285 billion in assets under management.

With the appointment of Mr. Vaccaro, the board of Community Financial System, Inc. now consists of 13 directors, 12 of whom are independent. Additionally, Mr. Vaccaro has joined the board of directors of the company's banking subsidiary, Community Bank, N.A., and will serve on its trust committee.

Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking services, employee benefit services, insurance services, and wealth management services. Its banking subsidiary, Community Bank, N.A., operates approximately 200 customer facilities across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts, with over $16 billion in assets.

The company's benefit plans administrative services subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services. Its subsidiary, OneGroup NY, Inc., is a top 68 U.S. insurance agency. Additionally, the company offers comprehensive financial planning, trust administration, and wealth management services through its Nottingham Financial Group operating unit.

Dimitar A. Karaivanov, President, and Chief Executive Officer of Community Financial System, Inc., emphasized Mr. Vaccaro's proven track record of scaling a complex, large financial services business with substantial market position. According to Karaivanov, Mr. Vaccaro's experience, track record, reputation, and network in the wealth management space will be very additive as the company continues to grow along a diversified financial services strategy.

The company's stock trades under the symbol CBU on the New York Stock Exchange. Today the company's shares have moved 2.73% to a price of $59.75. If you want to know more, read the company's complete 8-K report here.

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