Appoints Keith Cenekofsky as Director
Appoints Cynthia A. Dotzel Independent Chair of the Board of Directors
Adopts majority voting standard in uncontested director elections
YORK, Pa., December 20, 2021 (GLOBE NEWSWIRE) – Codorus Valley Bancorp, Inc. (Nasdaq: CVLY) (“the Company”), parent company of PeoplesBank, A Codorus Valley Company (“PeoplesBank”), now a announced several updates to the composition of its Board of Directors (“the Board”), as well as initiatives to further improve its corporate governance practices. Full details are included on the company’s Form 8-K filed today with the Securities & Exchange Commission.
Appointments to the board and committees
As part of the company’s long-term succession plan, the board of directors has appointed Keith Cenekofsky, CPA, current director of PeoplesBank, as a director of the company effective January 1, 2022. Mr. Cenekofsky will succeed to Larry J. Miller, who will serve as a director. of the Company until his effective retirement on December 31, 2021. Mr. Cenekofsky will serve as a category C director of the Company until the annual meeting of shareholders in 2023 and until his successor has been duly elected and qualified. In addition, Mr. Cenekofsky has been appointed chairman of the audit committee of the board of directors of the company, effective January 1, 2022, and will serve until the annual reorganization meeting in May 2022.
Mr. Cenekofsky spent 36 years in the public accounting field, most recently with BDO USA LLP, Parente Beard LLP and BeardMiller. During this period, he was a partner responsible for numerous audits of public financial institutions. Mr. Cenekofsky is a Magna Cum Laude graduate of James Madison University and lives in Lancaster County, Pennsylvania. Keith was previously appointed to the board of directors of PeoplesBank, A Codorus Valley Company, in September 2021.
The Company also announced the appointments of Cynthia A. Dotzel, CPA and J. Rodney Messick to new positions on the Board of the Company, effective January 1, 2022, until the annual reorganization meeting in May 2022. Ms. Dotzel, currently a director of The Corporation and Bank, served as Vice President, Lead Director and Chairman of the Audit Committee, and will now serve as Chairman of the Board. Mr. Messick, currently a director of the Company and of the Bank, will henceforth hold the position of Vice-Chairman of the Board.
“The Board of Directors is pleased that Keith has agreed to expand his governance responsibilities to include the parent holding company, Codorus Valley. Her extensive experience in the financial services industry will be invaluable to the Company, ”said Cynthia A. Dotzel, incoming chair of the board.
Improvements in corporate governance and adoption of majority voting standard
The board also announced that as part of its ongoing review of corporate governance, it has approved and adopted the amended and updated Articles of Association. The board has adopted a majority voting standard for uncontested director elections. This improvement, along with several others described in the associated Form 8-K, are designed to ensure that the Company promotes industry best corporate governance practices. The Company and the Board will continue to maintain an open dialogue with the shareholders.
ABOUT CODORUS VALLEY BANCORP, INC.
Codorus Valley Bancorp, Inc. is the largest independent financial services holding company headquartered in York, Pennsylvania. Codorus Valley operates primarily through its financial services subsidiary, PeoplesBank, A Codorus Valley Company. PeoplesBank offers a full suite of personal, business, wealth management and mortgage services through financial centers located in communities of south-central Pennsylvania and central Maryland. Additional information is available on the PeoplesBank website at www.peoplesbanknet.com. The common shares of Codorus Valley Bancorp, Inc. are listed on the NASDAQ Global Market under the symbol CVLY.
CONTACT: [email protected]