DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) recently announced that Michael T. Cerminaro has been appointed president and CEO of the Community Bank Wealth Management division of its Community Bank, N.A. banking subsidiary. Cerminaro joins the bank with more than 30 years of experience, having most recently served as market head for the […]
DeWITT, N.Y. — Community Bank System, Inc. (NYSE: CBU) recently announced that Michael T. Cerminaro has been appointed president and CEO of the Community Bank Wealth Management division of its Community Bank, N.A. banking subsidiary.
Cerminaro joins the bank with more than 30 years of experience, having most recently served as market head for the Northeast/Mid-Atlantic region and head of U.S. ultra-high net worth at HSBC Bank USA.
This appointment and succession reflects Community Bank’s “long standing commitment to growth and investment in its wealth management business line,” it said in a news release.
Cerminaro will replace Paul Restante, who has led Community Bank’s wealth management unit for more than 10 years. Restante will continue with the banking company as a managing director.
“[Cerminaro] 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,” Dimitar Karaivanov, Community Bank System’s executive VP and chief operating officer, said in the release. “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.”
Community Bank Wealth Management has more than $7.7 billion of assets under management and administration. It provides comprehensive asset management, strategic wealth and succession planning, trust administration, and retirement-plan design services across New York, Pennsylvania, Vermont, Massachusetts, and Florida through the bank’s trust department, and its subsidiaries: Community Investment Services, The Carta Group, Inc., Nottingham Advisors, Inc. and OneGroup Wealth Partners, Inc. Parent company Community Bank System has total assets of more than $15.2 billion.