Codorus Valley Bancorp, Inc. Appoints Craig L. Kauffman as President and CEO Effective October 1, 2021

Rhea-AI Summary

Codorus Valley Bancorp, Inc. (NASDAQ: CVLY) announced the appointment of Craig L. Kauffman as its new President and CEO, effective October 1, 2021, as part of its succession plan. He succeeds Larry J. Miller, who has served since 1986 and will transition to Executive Chair until December 31, 2021. Kauffman, previously Executive VP and COO, has a strong banking background with experience at BB&T, Susquehanna Bank, and others. The company's assets have grown significantly under Miller's leadership, from $55 million to over $2 billion.

Positive

• Craig L. Kauffman brings extensive banking experience and a strong leadership background.
• Kauffman's appointment is part of a structured succession plan, indicating strategic foresight.

Negative

• Transitioning leadership may create concerns regarding continuity and operational stability.
• Larry J. Miller's departure after decades of leadership could lead to uncertainty among stakeholders.

Larry J. Miller to Serve as Executive Chair through Dec. 31, 2021

YORK, Pa., Sept. 15, 2021 (GLOBE NEWSWIRE) -- Codorus Valley Bancorp, Inc. (Nasdaq: CVLY) (“the Company”), parent company of PeoplesBank, A Codorus Valley Company (“PeoplesBank”), today announced that as part of the Company’s long-term succession plan, the Board of Directors has appointed Craig L. Kauffman President and CEO of the Company effective October 1, 2021. Mr. Kauffman will succeed Larry J. Miller, who served the Company as President and CEO since 1986. Mr. Miller will serve as Executive Chair of the Company and will continue in his role as Executive Chair of PeoplesBank until December 31, 2021.

Mr. Kauffman is currently the Executive Vice President and Chief Operating Officer of the Company and has been a member of the Board of Directors since 2019. Mr. Kauffman has also served as the President, Chief Executive Officer and a director of PeoplesBank since 2018. Prior to joining the Company in 2018, Mr. Kauffman served as Regional President of BB&T Bank and held various executive positions with Susquehanna Bank, PNC Bank and Sterling Financial Corporation. Mr. Kauffman earned a Bachelor of Science from Millersville University and a Master of Business Administration from the Pennsylvania State University.

“Craig is a proven business leader and strategic thinker, with a strong track record in the banking and financial services sector,” said Cynthia Dotzel, CPA, Vice Chair and Lead Director of the Board. “We are confident in his ability to lead the Company in its next phase of growth.”

The Company and PeoplesBank are thankful for Mr. Miller’s lifetime of service and leadership. Mr. Miller joined PeoplesBank in 1971 as a Management Trainee and became President and CEO of PeoplesBank in 1981, and President and CEO of the Company in 1986 when it was formed. Over his tenure as CEO, PeoplesBank’s asset value grew from $55 million to now over $2 billion.

“Over the last 50 years, Larry has helped build our company into what it is today. He oversaw substantial growth in assets and geographic expansion and has left us well-positioned to capitalize on an abundance of opportunities in an economically strong market,” added Ms. Dotzel. “We are sincerely grateful for his dedicated, remarkable career in service to the bank’s clients, employees, and the community of York County.”

ABOUT CODORUS VALLEY BANCORP, INC.
Codorus Valley Bancorp, Inc. is the largest independent financial services holding company headquartered in York, Pennsylvania. Codorus Valley primarily operates through its financial services subsidiary, PeoplesBank, A Codorus Valley Company. PeoplesBank offers a full range of consumer, business, wealth management, and mortgage services at financial centers located in communities throughout South Central Pennsylvania and Central Maryland. Additional information can be found on PeoplesBank’s website at www.peoplesbanknet.com. Codorus Valley Bancorp, Inc.’s Common Stock is listed on the NASDAQ Global Market under the symbol CVLY.

CONTACT: ir@peoplesbanknet.com 

FAQ

Who is the new CEO of Codorus Valley Bancorp, Inc. (CVLY)?

Craig L. Kauffman has been appointed as the new President and CEO effective October 1, 2021.

What position will Larry J. Miller hold after stepping down as CEO of CVLY?

Larry J. Miller will serve as Executive Chair of Codorus Valley Bancorp, Inc. until December 31, 2021.

What is Craig L. Kauffman's background before joining CVLY?

Before joining Codorus Valley, Kauffman served as Regional President at BB&T Bank and held executive positions at other banks.

How has Codorus Valley Bancorp performed during Larry J. Miller's tenure?

Under Miller's leadership, the asset value of PeoplesBank grew from $55 million to over $2 billion.

What are the implications of the leadership change for CVLY?

The leadership change may bring new strategies and perspectives but could also raise concerns about continuity.