Financial Institutions (FISI) in Warsaw, N.Y., has named a new chief financial officer.
The $2.7 billion-asset company said Monday that it had promoted Kevin Klotzbach to the post, effective immediately. Financial Institutions also said that it had tapped Michael Grover to fill the newly created role of senior vice president for financial reporting and tax, chief accounting officer.
Klotzbach, 60, will remain the treasurer at unit Five Star Bank, a post he has held since 2001. He previously served as chief investment officer at Greater Buffalo Savings Bank after holding a series of senior posts at larger institutions.
Klotzbach succeeded Karl Krebs, 57, who will remain with the company through the filing and certification of its quarterly financial statements. Financial Institutions is expected to announce its quarterly earnings on April 24.
"This succession plan allows us to simplify operations, creating an improved cost structure," Martin Birmingham, Financial Institution's chief executive, said in a press release.
Krebs served as Financial Institutions' CFO since October 2009, according to LinkedIn. Grover, 41, joined Five Star Bank in 1999 as a senior accountant.
The shuffle, which comes roughly eight weeks after Birmingham became the company's chief executive, "allows for promotion of talent from within," spokesman Mike McDougall said in an email.