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Five Star executive shuffle

Five Star Bank has announced some changes in its management ranks, just months after replacing its CEO.

Warsaw-based Financial Institutions, the bank's parent company, said that Kevin B. Klotzbach has been named the bank's executive vice president and chief financial officer, in addition to his current role of treasurer. He had been a senior vice president since 2001, and was formerly chief investment officer of Greater Buffalo Savings Bank from 1999 to 2001. The Buffalo State College graduate and Western New York native previously held executive, finance and risk management positions at KeyBank, Empire Federal Savings Bank and Merrill Lynch Asset Management.

He replaces Karl F. Krebs, who served as CFO since 2009. Krebs will stay at the bank for a “brief transition period” to ensure a “smooth first quarter 2013 closing process” and for the filing and certification of quarterly financial statements, as mandated by federal law.

Klotzbach will work alongside Martin K. Birmingham, who was named president and CEO in March, succeeding longtime CEO Peter Humphrey, who abruptly resigned last summer. Humphrey, whose family controlled the banking company for more than a century and is still a large shareholder, remains on the board.

The bank also promoted Michael D. Grover to the new post of chief accounting officer. Grover, who joined Five Star in 1999 as a senior accountant, was previously senior vice president for financial reporting and tax. The longtime Western New York resident and graduate of the State University of New York College at Geneseo spent much of his career as a public accountant at Battaglia, Andrews and Moag – now Freed Maxick – and at KPMG LLP.

-- Jonathan D. Epstein

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