Includes State Tower Building branch From new branches to a new name for its parent company, Community Bank is having a busy year. The first of three new Syracuse–area branches will open this October in the State Tower Building on South Warren Street in downtown Syracuse and represents the bank’s commitment to the Syracuse market, […]
Includes State Tower Building branch
From new branches to a new name for its parent company, Community Bank is having a busy year. The first of three new Syracuse–area branches will open this October in the State Tower Building on South Warren Street in downtown Syracuse and represents the bank’s commitment to the Syracuse market, Community Financial System, Inc. President/CEO Dimitar Karaivanov tells CNYBJ. Community Financial is the parent company of Community Bank. “Historically, we’ve been a little bit of a smaller-market-focused organization,” he says. That has changed as the banking company experiences more success in larger cities, especially on the commercial-banking side. Community Financial, based in DeWitt, looked at its presence in Syracuse and decided it needed more than just the current branches in DeWitt, Cicero, and Skaneateles. “It’s not enough for us in the market,” Karaivanov says. To date, the banking company has announced branch-location plans for the State Tower Building and the Glenn Crossing Plaza in Clay. It is still searching for locations for two more branches, with at least one of them within city of Syracuse limits. For Community Bank, adding branches is a proactive investment into a market that’s starting to take off. “Clearly, there’s more activity going on in the market,” Karaivanov says. “It’s been a long time, but our markets are growing.” And it’s not just Syracuse where Community is growing. The bank is also adding three new branch locations in Buffalo, three in Rochester, three in Albany, and one in Springfield, Massachusetts, he adds. “We’re doing this across the board,” Karaivanov says. “We’ve got a lot on our docket for the next six quarters.” Community Bank has already seen success in all these markets, Karaivanov notes. “We’re pretty confident we’ll be able to excel at this.” At a time when other banks are scaling back on physical branches, filling them with interactive technology or even opening virtual branches, Karaivanov feels it’s important for Community Bank to build up its presence in markets. The interactions with customers that happen in branches today are less about transactions, he says. Most customers are happy handling simple banking tasks through technology like a banking app or the ATM. “But the relationship-building component is even more important today,” he says. For important financial topics, clients want to talk face to face with someone they trust to ask questions and get advice. For those bigger decisions, “people still like to do it in person because it’s based on trust,” he says. The new branches will also serve as hubs bringing all of Community’s offerings together in one place in each community, Karaivanov says. Along with Community Bank, the company also operates Benefit Plan Administrative Services, Inc., which provides actuarial, retirement, and benefit-plan services; OneGroup NY, Inc., which provides risk management and commercial insurance, personal lines, and employee benefits; and Community Bank Wealth Management, which provides investment advisory, personal trust, and financial-planning services.
Another area where Community saw change this year was with its corporate name and brand. Earlier this year, the company’s name changed from Community Bank System, Inc., to Community Financial System, Inc. The new name is more inclusive internally and better reflects the company today, Karaivanov says. The name includes all employees and all business lines, not just the bank. “The evolution from a bank to a financial system is what happened,” Karaivanov says. Now the company’s name shows that, while keeping community at the core. “Our biggest asset is our people,” he says.