Community Financial System Names John A. Vaccaro to Board as Independent Director
Community Financial System, Inc. (the “Company”) (NYSE: CBU) announced today the appointment of John A. Vaccaro to its Board of Directors (the “Board”) as a new independent director, effective as of October 1, 2025. Mr. Vaccaro is Chairman Emeritus of MML Investors Services, LLC (“MML Investors Services”), a national broker-dealer and registered investment advisor (“RIA”) with over $285 billion in assets under management, and Chairman of MassMutual Private Wealth & Trust, FSB, both subsidiaries of Massachusetts Mutual Life Insurance Company (“Mass Mutual”). He led MassMutual Financial Advisors and served as CEO of MML Investors Services from 2009 until March 2025, when he stepped down as Chief Executive Officer in connection with his upcoming retirement in 2026, where he led a team of over 7,500 financial advisors and 3,000 support staff across more than 1,600 locations nationwide.
Mr. Vaccaro brings to the Board extensive experience in wealth management, insurance, business strategy, financial oversight, and regulatory compliance. The Board has determined that Mr. Vaccaro qualifies as an independent director under New York Stock Exchange and Board standards. With his appointment, the Board now consists of 13 directors, 12 of whom are independent. Mr. Vaccaro also joined the Board of Directors of Community Bank, N.A. (the “Bank”), the Company’s banking subsidiary, and will serve on its Trust Committee.
“We are pleased to welcome John Vaccaro as a new independent director to the Board of the Company and the Bank,” said Eric E. Stickels, Chair of the Board. “John’s experience with large scale financial service businesses will be instrumental as we focus on the growth and oversight of our broker-dealer, RIA, and insurance businesses. Over the course of John’s tenure with MassMutual, he led the growth of their wealth management business from $10 billion in client assets to $285 billion. John’s appointment reflects the Board’s continued focus on enhancing the Board’s level of expertise and perspective to provide effective oversight of the Company and its subsidiaries.”
Dimitar A. Karaivanov, President and Chief Executive Officer, stated, “John brings to the Board a proven track record of scaling a complex, large financial services business with substantial market position. His experience, track record, reputation and network in the wealth management space will be very additive as we continue to grow our Company along our diversified financial services strategy.”
Mr. Vaccaro currently serves on the Board of Governors of the Financial Industry Regulatory Authority (“FINRA”) and previously served on its regional district committee (2009–2012). He was also a Director of the Securities Industry and Financial Markets Association from 2022 to 2024. Mr. Vaccaro was appointed by Deval Patrick, Governor of the Commonwealth of Massachusetts, to the Board of Trustees of Holyoke Community College (2013 -2017), served as a board member of LL Global, Inc., the non-profit parent company for LIMRA (formerly the Life Insurance Marketing and Research Association) and LOMA (2020- 2022), and is an Honorary Trustee of the Million Dollar Round Table Foundation, an industry-wide charitable organization. In September 2023, he joined the Board of Directors of Invest in Others, a charitable foundation that focuses and amplifies the charitable work of financial advisors.
Mr. Vaccaro is a graduate of Saint Anselm College in Manchester, New Hampshire and served on its Board of Trustees from 2013 – 2023.
About Community Financial System, Inc.
Community Financial System, Inc. is a diversified financial services company that is focused on four main business lines – banking services, employee benefit services, insurance services and wealth management services. Its banking subsidiary, Community Bank, N.A., is among the country’s 100 largest banking institutions with over $16 billion in assets and operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts. The Company’s Benefit Plans Administrative Services, Inc. subsidiary is a leading provider of employee benefits administration, trust services, collective investment fund administration, and actuarial consulting services to customers on a national scale. The Company’s OneGroup NY, Inc. subsidiary is a top 68 U.S. insurance agency. The Company also offers comprehensive financial planning, trust administration and wealth management services through its Nottingham Financial Group operating unit. The Company is listed on the New York Stock Exchange and the Company’s stock trades under the symbol CBU. For more information about the Company and each of its four main business lines visit https://communityfinancialsystem.com.
