Community Bank System in DeWitt, N.Y., has overhauled several board committees to prepare for crossing $10 billion in assets.
The $8.7 billion-asset company disclosed in a regulatory filing Thursday that the board expanded the duties of its risk committee to include oversight of enterprise risk management and loan and asset liability.
The board adjusted the duties of the audit/compliance/risk management committee to focus on audit and compliance matters. As a result, that group was renamed the audit and compliance committee.
Community Bank System also said it had created management level committees, including one dedicated to stress testing, to evaluate and address the "enhanced regulatory and business issues" triggered by crossing the $10 billion-asset threshold. At that point, the company will face mandatory stress testing and caps on interchange fees, among other things.
The company agreed in October to buy the $1.9 billion-asset Merchants Bancshares in South Burlington, Vt.
Separately, Community Bank System said that Sally Steele had become its chairman, succeeding Nicholas DiCerbo, who had to step down due to the company's term limits. Steele is a lawyer who primarily focuses on real estate, oil and gas rights and business law.
DiCerbo, who is also a lawyer, will chair the board's strategic-executive committee.