Bank CEO to retire

The president and chief executive officer of Community Bank System Inc. announced Thursday he plans to retire as an executive at the end of July.

Sanford A. Belden, 63, said he plans to continue with the company as vice chair of the board of directors.

"I intend to have a continuing involvement with Community Bank for quite a long time," he said.

Succeeding him as president and chief executive will be Mark E. Tryniski, 45, Community's executive vice president and chief operating officer. Tryniski joined the company in 2003 as chief financial officer.

One of Belden's key roles will be as chairman of a committee created by the board to oversee mergers and transitions.

It's an area Belden knows well; the company has completed 15 acquisitions since he joined Community Bank in 1992. In that time, the bank has grown from $640 million in assets to $4.2 billion, and its branch network has grown from 32 offices to 130.

"Over the last 13 years, Sandy has guided the bank through its growth from a small, dispersed community bank to a cohesive high-performance regional community bank listed on the New York Stock Exchange," said James A. Gabriel, chairman of the board.

Belden said he intends to spend more time with family after July on a farmstead in western Massachusetts. He will be in Central New York about once a month for bank meetings.

He also plans to continue his work on the board of the Federal Home Loan Bank of New York and on the board of governors of the American Red Cross.

Community Bank also announced that James A. Wears, president of New York banking, and Michael A. Patton, president of financial services, will retire as of Dec. 31.

They each have been with Community Bank for more than 30 years, Belden said.

"They deserve a large measure of the credit for the many accomplishments our team has collectively enjoyed over the years," Belden noted.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.