DeWITT — The president and CEO of DeWitt–based Community Bank has a new three-year employment contract, according to a filing with the Securities and Exchange Commission (SEC).
The new deal, which pays Community Bank President and CEO Mark Tryniski a base salary of $620,000, took effect Jan. 1 and expires Dec. 31, 2014. Tryniski’s previous employment agreement ran from March 18, 2009 to Dec. 31, 2011 and paid a base salary of $454,000.
Tryniski is also eligible for incentive pay. His total pay in 2010 was more than $1.3 million, including bonuses and stock-based compensation, according to a filing with the SEC.
Pay information for 2011 has not been filed with the commission yet.
Community Bank System, Inc. (NYSE: CBU) earned $20 million, or 54 cents a share, in the third quarter, up nearly 16 percent from a year earlier. Fourth-quarter results haven’t been released yet.
Community Bank has $6.5 billion in assets and more than 170 branches in upstate New York and Pennsylvania. The banking company also operates subsidiaries in employee benefits, insurance, investment management and advising, and wealth management.
Community acquired Oneonta–based Wilber National Bank last year. The $103 million deal brought $464 million in net loans, $772 million in deposits, $300 million in trust assets, and 22 branches in Otsego, Delaware, Schoharie, Ulster, Chenango, Onondaga, Saratoga, and Broome counties, along with a loan-production office located in Saratoga County.
Contact Tampone at ktampone@cnybj.com