Community Bank System COO promotion and Retail Banking president retirement

COMMUNITY FINANCIAL SYSTEM, INC.

Joseph Serbun, President Retail Banking, retires effective Sept 30, 2022 after 14 years.
Dimitar Karaivanov promoted to EVP & COO effective Oct 1, 2022, overseeing banking, wealth, insurance.
Karaivanov's base salary adjusted to $525,000 annually; existing employment agreement amended.
Serbun receives cash severance of 1.5x base salary plus MIP, accelerated equity vesting, and company car.
Serbun remains bound by 1-year non-compete and 2-year non-solicit covenants.

item 5.02 item 9.01

Executive movements

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Role change

Dimitar Karaivanov

EVP and Chief Operating Officer

CBU · COMMUNITY FINANCIAL SYSTEM, INC.

Effective: 2022-10-01
Filed: August 26, 2022, 7:59 PM ET

In addition, the Company has announced that Dimitar Karaivanov, Executive Vice President (“EVP”) of Financial Services and Corporate Development has been appointed as the Company’s and the Bank’s EVP and Chief Operating Officer effective October 1, 2022.

Departed

Joseph F. Serbun

President, Retail Banking

CBU · COMMUNITY FINANCIAL SYSTEM, INC.

Effective: 2022-09-30
Filed: August 26, 2022, 7:59 PM ET

On August 25, 2022, Community Bank System, Inc. (the “Company”) and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”), announced that that Joseph F. Serbun, President, Retail Banking, has decided to retire after more than 14 years of service with the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dimitar Karaivanov was appointed as EVP and Chief Operating Officer at COMMUNITY FINANCIAL SYSTEM, INC..

Action: appointed
Role: EVP and Chief Operating Officer

Exact text from the filing

In addition, the Company has announced that Dimitar Karaivanov, Executive Vice President (“EVP”) of Financial Services and Corporate Development has been appointed as the Company’s and the Bank’s EVP and Chief Operating Officer effective October 1, 2022.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Joseph F. Serbun retired as President, Retail Banking at COMMUNITY FINANCIAL SYSTEM, INC..

Action: retired
Role: President, Retail Banking

Exact text from the filing

On August 25, 2022, Community Bank System, Inc. (the “Company”) and its wholly-owned subsidiary, Community Bank, N.A. (the “Bank”), announced that that Joseph F. Serbun, President, Retail Banking, has decided to retire after more than 14 years of service with the Company.

View on SEC.gov

COMMUNITY FINANCIAL SYSTEM, INC. filing history →

Source: SEC EDGAR

accession 0001104659-22-095181

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