UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(b) On November 7, 2024, Joseph E. Sutaris notified Community Financial System, Inc. (the “Company”) of his intention to retire, effective in or around the third quarter of 2025, from his position as the Executive Vice President (“EVP”) and Chief Financial Officer of the Company and its wholly-owned banking subsidiary, Community Bank, N.A. (the “Bank”). Mr. Sutaris has served as the Company’s and the Bank’s EVP and Chief Financial Officer since June 2018 and, prior to that time, served in various capacities since joining the Company and the Bank in 2011, including as the Bank’s Senior Vice President, Financing and Accounting, Director of Municipal Banking, and as the Senior Vice President of the Bank’s Central Region. Mr. Sutaris has been an instrumental part of the Company’s growth and success and the Company extends its gratitude to Mr. Sutaris for his many years of service and contributions to the Company. Mr. Sutaris’ decision to retire is for personal reasons and is not the result of any disagreement with the Company or its independent registered public accountants on any matter relating to the Company’s financial statements, operations, policies, or practices.
The Company intends to initiate a process to identify a successor and it is expected that Mr. Sutaris will continue to serve in his current role until a successor is appointed and will remain with the Company through a subsequent transition period.
SIGNATURES
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 Financial System, Inc. |
| By: | /s/ Michael N. Abdo | |
| Name: | Michael N. Abdo | |
| Title: | Executive Vice President and General Counsel |
Dated: November 12, 2024