Five Star Bank ex­ec­u­tive to re­sign post with Fi­nan­cial In­sti­tu­tions

The Buffalo News - - BUSINESS NEWS - By Matt Glynn NEWS BUSI­NESS RE­PORTER

One of the high­est-paid ex­ec­u­tives at Five Star Bank’s par­ent com­pany will re­sign on Dec. 31, but he won’t leave empty-handed.

Michael D. Burneal will col­lect a one­time pay­ment of $324,540 as he ex­its Fi­nan­cial In­sti­tu­tions Inc., ac­cord­ing to a reg­u­la­tory fil­ing. Burneal will also re­ceive his an­nual in­cen­tive for 2018 and the ti­tle to his com­pany car.

Burneal is se­nior or­ga­ni­za­tional ad­viser and fa­cil­i­ties man­ager for the War­saw­based bank. He pre­vi­ously served as chief risk and en­ter­prise ad­min­is­tra­tion of­fi­cer for two years, but the bank an­nounced a re­or­ga­ni­za­tion in early Novem­ber.

Prior to his change in du­ties, Burneal was re­spon­si­ble for the im­ple­men­ta­tion of Fi­nan­cial In­sti­tu­tions’ en­ter­prise risk man­age­ment strat­egy, the move of its re­gional ad­min­is­tra­tive head­quar­ters in the Rochester area, and man­ag­ing the com­pany’s reg­u­la­tory and com­pli­ance ac­tiv­i­ties.

Burneal’s to­tal com­pen­sa­tion for 2017 was nearly $470,000, in­clud­ing a base salary of $220,000, ac­cord­ing to a fil­ing. His base salary ranked fifth-high­est among ex­ec­u­tives named in the fil­ing.

He joined the bank in 2004.

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