Community Bank Appoints President & CEO of Wealth Management
June 30, 2023
Syracuse, NY — Community Bank System, Inc. (NYSE: CBU) (the “Company”) today announced that Community Bank, N.A., its wholly-owned banking subsidiary (the “Bank”), has appointed Michael T. Cerminaro as the President and Chief Executive Officer of Community Bank’s Wealth Management division. This appointment and succession reflects the Company’s long standing commitment to growth and investment in its wealth management business line.
Dimitar Karaivanov, the Company’s Executive Vice President and Chief Operating Officer, commented, “Mike brings a breadth and depth of experience and expertise to this role, making him an excellent choice to lead our wealth management business. With his proven track record of growing sizable wealth businesses, and his high energy level, I am confident in his ability to drive the division’s success and ensure our clients’ financial objectives are met. We would also like to express our gratitude to Paul Restante, who has played a pivotal role in taking our business to the next level since assuming the leadership role over a decade ago. I am pleased that Paul will continue with us as Managing Director and will work closely with Mike to prepare the business for this next stage of growth.” Mr. Cerminaro joins the Bank with over 30 years of experience, having most recently served as Market Head for Northeast/Mid-Atlantic Region and Head of US Ultra-High Net Worth for HSBC Bank USA.
With over $7.7 billion of assets under management and administration, Community Bank Wealth Management provides comprehensive asset management, strategic wealth and succession planning, trust administration and retirement plan design services across NY, PA, VT, MA and FL through the Bank’s trust department, and its subsidiaries: Community Investment Services, The Carta Group, Inc., Nottingham Advisors, Inc. and OneGroup Wealth Partners, Inc. Community Bank Wealth Management is part of Community Bank System, Inc., a financial services holding company with assets of over $15.2 billion. Community Bank System, Inc. is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about Community Bank visit www.cbna.com or https://ir.communitybanksystem.com.