Community Financial System appoints John Vaccaro as independent director

Community Financial System Inc. (NYSE: CBU) announced the appointment of John A. Vaccaro to its board of directors as a new independent director, effective October 1, 2025.

Vaccaro serves as Chairman Emeritus of MML Investors Services LLC, a national broker-dealer and registered investment advisor with over $285 billion in assets under management. He is also Chairman of MassMutual Private Wealth & Trust, FSB, both subsidiaries of Massachusetts Mutual Life Insurance Company. Vaccaro served as CEO of MML Investors Services from 2009 until March 2025, leading a team of over 7,500 financial advisors and 3,000 support staff across more than 1,600 locations nationwide.

The board determined that 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. Vaccaro also joined the board of Community Bank N.A., the company's banking subsidiary, and will serve on its Trust Committee.

"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," said Eric E. Stickels, chair of the board. "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."

Vaccaro currently serves on the Board of Governors of the Financial Industry Regulatory Authority and previously served on its regional district committee from 2009 to 2012. He was a director of the Securities Industry and Financial Markets Association from 2022 to 2024.

Community Financial System is a diversified financial services company with banking, employee benefit services, insurance services and wealth management operations. Its banking subsidiary operates approximately 200 customer facilities across Upstate New York, Northeastern Pennsylvania, Vermont, and Western Massachusetts.

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