Community Bank
Community Financial System Inc. (CFSI)’s impact extends far beyond traditional banking. With multiple subsidiaries and a headquarters in Central New York, CFSI provides tailored financial solutions for businesses and individuals while reinvesting in the people, partnerships and communities that fuel local growth.
In a recent interview, CEO Dimitar Karaivanov discussed CFSI’s role in supporting businesses, strengthening neighborhoods and shaping the future of the region.
You’re not just a bank — how would you explain the full scope of what CFSI offers?
“We’re a full-service financial institution that can provide tailored solutions to meet the specific needs of your business or industry. We offer Community Bank for banking and treasury management, OneGroup for insurance, BPAS for employee benefits, and Nottingham Financial Group for wealth management services. We operate under four brands and we’re not just a one-widget shop. It’s terrific to be able to establish a relationship with a client and truly service them across the board.”
With so much economic development happening in CNY, how do you view the region’s businesses and communities?
“Central New York is in a very unique time right now. It’s growing at double the rate of any other area in New York. Unemployment rate is low, housing prices have been rising, labor is constricted, and we’ve got a tremendous amount of investment coming. If you look at the economic development pipeline, it’s 10 times what it was in 2019. It’s a call to action to really get behind it and make the most of this opportunity.”
“Community” is in your name. How does that show up in the way CFSI gives back?
“We have about 3,000 employees around the country and over 600 of them are here in Central New York, growing by 3% this past year. In 2024, we contributed more than $3.9 million in charitable donations and sponsorships, supporting over 2,200 nonprofits. Our employees also logged more than 17,800 volunteer hours, with over 405 team members serving on nonprofit boards and committees. That focus is a differentiator for us. ‘Community’ is in our name for a reason. We view our smaller communities as the lifeblood of our company — hardworking people who care deeply about local causes and one another — and it’s our responsibility to help everyone along the way.”
Can you share what’s on the horizon and how CFSI is strategically investing in growth across the region?
“We’re more than doubling our presence in Syracuse with three branch openings this year and see growth opportunity in larger markets. We are investing over $100 million in expansion across our banking footprint. We’re also opening 19 new branches in the Northeast, regional headquarters for the company in Buffalo, Rochester and Albany, and a 90,000-square-foot expansion at our new Syracuse headquarters slated to open in 2026. Beyond CNY, we recently expanded into the Greater Lehigh Valley of Pennsylvania, growing our Northeast presence. Our focus will be making our investments pay off in 2026.”
What advice would you give to commercial businesses looking to grow?
“Develop a relationship with an expert in the field that they need. By taking the time to understand each customer’s goals, our relationship managers can design tailored solutions that lead to better outcomes for businesses and communities alike. The more you engage, the better outcome you get.”
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