New Community Financial CFO outlines goals

DeWITT -— Community Financial System Inc.’s (NYSE: CBU) new chief financial officer brings a background in hedge funds and the Buffalo area to the banking and financial services company, which has targeted western New York as a growth-opportunity region. Marya Burgio Wlos, who was appointed to her position effective on March 31, is up for the challenge of helping DeWitt–based Community Financial grow as it expands its Community Bank, N.A. branch presence across the state and plans to put her background to work helping the company reach its goals. The Buffalo native started her career in Chicago after graduating from Canisius College and was able to connect with some hedge funds. “I did that for a long time,” Wlos, 47, recalls. “I worked on the buy side.” Her time working for hedge funds helped hone skills she believes will serve her well at Community Financial. “These were positions where I learned how to think,” she says. Wlos learned how to solve problems and look three steps ahead. In 2018, Wlos took a job with M&T Bank (NYSE: MTB) in Buffalo, bringing her back to her roots. “This was my first time at a bank,” she says. Wlos served as head of management accounting, finance until January 2021, when she became managing director and COO of investment bank at M&T. While at M&T, Wlos not only learned the banking industry, but also learned how to build an internal network that helped her guide the right people into the right roles at the banking company. “You’re able to figure out where people shine,” she says. Wlos made the move to Community Financial after a recruiter reached out to her on behalf of the company. “It was sort of an offer I couldn’t refuse,” she says of joining the company. At Community Financial, she works closely with President/CEO Dimitar A. Karaivanov and she calls it a great partnership. “We’re both builders by nature,” Wlos says, and Community Financial is focused on building right now. The company already announced plans for a new Syracuse headquarters, new branch locations, and regional offices in the Buffalo, Rochester, and Albany markets. Based in Buffalo, Wlos will help spearhead those efforts. “We feel there’s a lot of organic growth opportunities,” she says of the Buffalo market. “My experience at M&T helps catapult that.” Aside from supporting those growth goals, Wlos has outlined some goals of her own as she settles into the role. “I want to make sure all the legs of the stool are efficient and connected,” she says, referencing Community Financial’s banking, insurance, benefits, and wealth-management divisions. While they all operate separately from the others, Wlos wants there to be enough connection between them to maximize the organization whether that means moving people to the roles they’re best suited for or just sharing problem-solving solutions. Wlos succeeded Joe Sutaris as CFO. Sutaris retired March 31 and remained with Community Financial through July 1 to work with Wlos during the transition. In connection with her appointment at CFO, Wlos will receive an annual base salary of $500,000, with the opportunity to receive annual incentive compensation, an equity incentive award, and an initial restricted stock award, based on performance criteria established by the Community Financial board of directors and the terms of the company’s incentive plans. That is according to a March 11 Community Financial System Form 8-K filing with the U.S. Securities & Exchange Commission.