SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|Item 8.01||Other Events|
On March 29, 2021, Community Bank System, Inc. (the “Company”) announced that it has appointed Dimitar Karaivanov as its Executive Vice President of Financial Services and Corporate Development. As Executive Vice President of Financial Services and Corporate Development, Mr. Karaivanov will assume leadership responsibilities for the Company’s non-banking subsidiaries and financial services businesses and operations, including the employee benefit services and institutional trust businesses, the wealth management and investment advisory businesses, and the insurance and risk management businesses. These financial services business lines represent a significant segment of the Company’s performance, accounting for approximately 25% of consolidated operating earnings. In addition, Mr. Karaivanov will have oversight of the Company’s corporate development efforts, to include both Community Bank, N.A., the Company’s banking subsidiary, and financial services businesses.
Mr. Karaivanov joins the Company from Lazard Middle Market, where he served as a Managing Director and member of the Financial Institutions Group since June 2018. He brings a detailed understanding of the Company’s strategy, business, culture and people, which he has acquired by serving as a primary financial advisor to the Company over the last decade.
A copy of the Company's Press Release, dated March 29, 2021, is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
|Item 9.01||Financial Statements and Exhibits|
99.1 Press Release, dated March 29, 2021, issued by Community Bank System, Inc.
104 Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Community Bank System, Inc.|
|By:||/s/ George J. Getman|
|Name:||George J. Getman|
|Title:||EVP and General Counsel|
|Dated: March 29, 2021|
|99.1||Press Release, dated March 29, 2021, issued by Community Bank System, Inc.|
|104||Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL)|