DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU) announced it has appointed John A. Vaccaro to its board of directors as a new independent director, effective Oct. 1. Vaccaro is chairman emeritus of MML Investors Services, LLC, a national broker-dealer and registered investment advisor with more than $285 billion in assets under management, and […]
DeWITT, N.Y. — Community Financial System, Inc. (NYSE: CBU) announced it has appointed John A. Vaccaro to its board of directors as a new independent director, effective Oct. 1.
Vaccaro is chairman emeritus of MML Investors Services, LLC, a national broker-dealer and registered investment advisor with more than $285 billion in assets under management, and chairman of MassMutual Private Wealth & Trust, FSB, both subsidiaries of Massachusetts Mutual Life Insurance Company. Vaccaro led MassMutual Financial Advisors and served as CEO of MML Investors Services from 2009 until March 2025, when he stepped down as CEO in connection with his upcoming retirement in 2026. In that post, he led a team of more than 7,500 financial advisors and 3,000 support staff across more than 1,600 locations nationwide, according to the Community Financial System announcement.
With Vaccaro’s appointment, the Community Financial System board now consists of 13 directors, 12 of whom are independent. He also joined the board of directors of Community Bank, N.A., the company’s banking subsidiary, and will serve on its trust committee.
“John brings to the Board a proven track record of scaling a complex, large financial services business with substantial market position. His experience, track record, reputation and network in the wealth management space will be very additive as we continue to grow our Company along our diversified financial services strategy,” Dimitar A. Karaivanov, president and CEO of Community Financial System, said in the announcement.
Community Financial System, Inc. is a DeWitt–based financial services company that is focused on four main business lines — banking services, employee-benefit services, insurance services, and wealth-management services. Community Bank, N.A., is among the nation’s 100 largest banking institutions with more than $16 billion in assets and operates about 200 branches across upstate New York, northeastern Pennsylvania, Vermont, and western Massachusetts.
