Community Financial System (NYSE: CBU) sets 2026 buyback plan and new Chief Banking Officer
Rhea-AI Filing Summary
Community Financial System, Inc. announced an executive succession and a new share repurchase program. Longtime executive Jeffrey M. Levy retired as Senior Vice President and Chief Banking Officer of Community Bank, N.A., and was succeeded by Matthew K. Durkee, effective January 1, 2026. To support the transition, Mr. Levy will provide advisory services under a consulting agreement from January 5, 2026 through June 30, 2026 for a monthly fee of $25,000.
The board also approved an annual stock repurchase program authorizing the buyback of up to 2,633,000 shares of common stock during the twelve-month period starting January 1, 2026, at management’s discretion and subject to regulatory approval. This authorization replaces the prior program, under which the company repurchased 206,054 shares during 2025.
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Insights
Planned leadership transition is paired with a sizable new share repurchase program.
Community Financial System, Inc. has executed a planned leadership transition at its banking subsidiary while maintaining continuity. Jeffrey M. Levy retired as Senior Vice President and Chief Banking Officer, and Matthew K. Durkee, previously President, Commercial Banking, assumed the Chief Banking Officer role effective January 1, 2026. A consulting agreement with Mr. Levy, running from January 5, 2026 through June 30, 2026 at
On the capital side, the board approved an annual stock repurchase program authorizing the repurchase of up to 2,633,000 common shares during the twelve-month period starting
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)(e) Consistent with the previously announced succession plan, on December 31, 2025, Jeffrey M. Levy retired from his position as Senior Vice President (“SVP”) and Chief Banking Officer of Community Bank, N.A. (the “Bank”), Community Financial System, Inc.’s (the “Company”) wholly owned subsidiary. Matthew K. Durkee, the Bank’s former President, Commercial Banking, has succeeded Mr. Levy as the Bank’s SVP and Chief Banking Officer, effective as of January 1, 2026. Mr. Durkee joined the Bank in January 2022 as the President of the New England Region and was appointed as the President, Commercial Banking in January 2024.
To ensure a smooth transition, the Bank entered into a consulting agreement with Mr. Levy. Under this agreement, Mr. Levy will provide advisory consulting services as requested by the Bank from January 5, 2026 through June 30, 2026, for a monthly fee of $25,000.
Item 8.01 Other Events
On December 17, 2025, the Company’s Board of Directors approved its annual stock repurchase program authorizing the repurchase, at the discretion of senior management and subject to approval by the Company’s regulators, of up to 2,633,000 shares of the Company’s common stock during the twelve-month period starting January 1, 2026.
Such repurchases may be made at the discretion of senior management depending on market conditions and other relevant factors and will be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable regulatory and legal requirements. This new authorization replaces the previous program, which expired on December 31, 2025, under which the Company repurchased 206,054 shares during 2025.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Community Financial System, Inc. | ||
| By: | /s/ Michael N. Abdo | |
| Name: | Michael N. Abdo | |
| Title: | Executive Vice President and General Counsel | |
Dated: January 6, 2026
FAQ
What executive leadership changes did Community Financial System (CBU) disclose?
The company reported that Jeffrey M. Levy retired as Senior Vice President and Chief Banking Officer of Community Bank, N.A. on December 31, 2025. Matthew K. Durkee, formerly President, Commercial Banking, succeeded him as Senior Vice President and Chief Banking Officer effective January 1, 2026.
What are the terms of Jeffrey M. Levy’s consulting agreement with Community Bank, N.A.?
To support the transition, Community Bank, N.A. entered into a consulting agreement under which Jeffrey M. Levy will provide advisory consulting services as requested from January 5, 2026 through June 30, 2026. He will receive a $25,000 monthly fee for these services.
How large is Community Financial System’s new stock repurchase authorization starting in 2026?
The Board of Directors approved an annual stock repurchase program authorizing the repurchase of up to 2,633,000 shares of common stock during the twelve-month period starting January 1, 2026. Repurchases are at senior management’s discretion and subject to regulatory approval.
How does the new Community Financial System buyback program compare to the prior one?
The new authorization for up to 2,633,000 shares replaces the previous program, which expired on December 31, 2025. Under the prior program, the company repurchased 206,054 shares during 2025.
How will Community Financial System execute its 2026 stock repurchases?
Repurchases under the new program may be made at senior management’s discretion depending on market conditions and other factors. Shares can be acquired through open market or privately negotiated transactions as permitted under Rule 10b-18 of the Securities Exchange Act of 1934 and other applicable regulations.
Is the Community Financial System 2026 repurchase program subject to any approvals?
Yes. The annual stock repurchase program authorizing up to 2,633,000 shares of common stock is subject to approval by the company’s regulators and will be implemented at the discretion of senior management.
