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 EST
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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 Bank System, Inc. is a financial holding company. The Company operates as a diversified financial services enterprise providing an array of banking and other financial services to retail, commercial, institutional and municipal customers. It owns two subsidiaries: Community Bank, N.A. and Benefit Plans Administrative Services, Inc. (BPAS). Its segments include Banking, Employee Benefit Services and All Other. The Banking segment provides an array of lending and depository-related products and services to individuals, businesses and governmental units. The Banking segment provides treasury management solutions and payment processing services. Its Employee Benefit Services segment comprises BPAS and its subsidiaries, provides collective investment fund, retirement plan and health savings account administration, fund administration, transfer agency, actuarial, and health and welfare consulting services. The All Other segment comprises wealth management and insurance services.
COMMUNITY BANK SYSTEM, INC. 
