The Baldwinsville lender also elevated Angelo Testani to chief banking officer and locked in fresh multi-year employment terms for its top executives.

June 5, 2026

Seneca Bancorp, Inc., the Maryland-based holding company for Seneca Savings Bank, National Association, has announced a broad reshaping of its executive ranks, anchored by the planned retirement of its longtime chief financial officer and the hiring of a seasoned banking leader to take over the role.

A Planned CFO Transition

On May 29, 2026, Vincent Fazio informed the company and its bank subsidiary that he intends to retire as executive vice president and chief financial officer at the close of business on June 30, 2026. Rather than leaving entirely, Fazio will keep his seats on the boards of directors of both the holding company and the bank and will provide consulting support throughout the leadership transition.

Under a retirement and consulting agreement reached with the bank, Fazio’s employment contract will end on his June 30 retirement date. Beginning the following day, he will serve as an independent contractor through June 30, 2027, making himself available for up to 10 hours each month to advise on company and bank matters. The arrangement provides:

• A monthly consulting fee of $1,000, plus an extra $100 for each hour worked beyond the 10-hour monthly threshold.
• An amended supplemental executive retirement agreement that raises his annual early retirement benefit to $15,000 as of the retirement date.

New Leadership Takes Shape

To succeed Fazio, the company and bank named Angela Krezmer, 40, as executive vice president and chief financial officer effective July 1, 2026. Krezmer brings extensive regional banking experience to the post. She previously led Generations Bank and Generations Bancorp NY, Inc. of Seneca Falls, New York, serving as president, chief executive officer and chief financial officer through the sale of substantially all of the entities’ assets to ESL Federal Credit Union and their subsequent dissolution. She joined those organizations as chief financial officer in June 2021 and added the president and chief executive titles in November 2023. Earlier, she served as chief financial officer of Prosper Bank in Coatesville, Pennsylvania, and spent more than a decade at Fairport Savings Bank in Fairport, New York, in roles that included chief financial officer.

The company also promoted Angelo Testani to executive vice president and chief banking officer. Testani has been with the company and bank since 2016, most recently as senior vice president of commercial lending.

Terms of the New Employment Agreements

Both new appointees entered into individual employment agreements with the bank. Krezmer’s takes effect July 1, 2026, while Testani’s became effective May 29, 2026, and both run through an initial term ending December 31, 2028. Starting January 1, 2027, each agreement automatically renews for an additional year on every January 1 unless either party gives at least 30 days’ notice. Should a change in control occur, the term automatically extends so that it expires no earlier than three years after that event.

The agreements set annual base salaries of $220,000 for Krezmer and $201,375 for Testani, with the board permitted to raise but not cut those figures. Both executives are eligible for the bonus program and benefit plans offered to senior management.

Severance and Protective Provisions

The contracts also detail what each executive would receive on departure:

• Voluntary exit without good reason, or dismissal for cause: only earned but unpaid compensation and vested benefits.
• Involuntary termination without cause, or resignation for good reason (no change in control): a lump sum covering accrued obligations plus base salary for the greater of 12 months or the remaining term, along with up to 18 months of reimbursed medical coverage.
• The same triggers in connection with a change in control: three times the sum of base salary and highest recent annual bonus, plus a lump sum equal to 36 months of medical premium costs.

Provisions also address disability and death, and a one-year non-competition and non-solicitation restriction applies after most departures.

A Renewed Deal for the CEO

Separately, the bank entered into an amended and restated employment agreement with president and chief executive officer Joseph Vitale, replacing his prior contract. The new agreement runs from May 29, 2026, through December 31, 2028, with the same annual renewal mechanics, and the company indicated no other material changes were made.