American Marconi Wireless News - Chesapeake Financial Shares Announces Executive Team Transition within Chesapeake Payment Systems Division

"Kate has done a tremendous job in her tenure to build Chesapeake Payment Systems into a highly respected brand within the industry," said Seeterlin. "She developed a strong team that is knowledgeable and recognizes the value of our local and national business partners. I look forward to continuing this track record of success and enabling new and innovative payment solutions for our customers."

"My decision to become part of Chesapeake Financial Shares ten years ago, has proven to be the best career decision of my life," said Root. "Approaching semi-retirement is surreal to me but the opportunity to remain a valued team member of Chesapeake Payment Systems and stay involved in the payments industry is very exciting. I truly have chosen the best bank to work for."

Jeff Szyperski, CEO of Chesapeake Financial Shares and Chesapeake Bank stated, "The confluence of payments and merchant acquiring services is accelerating. DJ's depth of experience in payments and technology will allow us to navigate this confluence for the benefit of our customers. It is a great match."

Seeterlin has led the development and launch several innovative payment products, including the use of instant payments networks FedNow and RTP. He is an active member of the payments industry, serving on numerous board and committees, including as co-founder and Board Member of Rebolt Financial Technologies, and Chair of the American Bankers Association's Payments Systems Admin Committee.

In his new role as President of Chesapeake Payment Systems, Seeterlin will lead the team to support and grow the partnerships with Independent Sales Organizations (ISOs), Payment Facilitators, Processors, Sales Agents, Agent Banks, and the thousands of businesses that are enabled to process payments.

In her new role as Director of Partner Strategy, Root will focus on ensuring the growth and success of the division's high-value partner relationships, and developing new partner opportunities, while continuing to provide ongoing senior leadership within the division.

Chesapeake Payment Systems, which will be celebrating 30 years as a division of the bank in 2025, is headquartered at the Chesapeake Tech Center in Norge, VA just outside of Williamsburg. The division enables the acceptance and processing of payments by businesses within the bank's Virginia communities, and throughout the U.S. through partner sponsorships.

ABOUT CHESAPEAKE FINANCIAL SHARES

Chesapeake Financial Shares is a one-bank holding company originally chartered in 1900 and based in Kilmarnock, VA. Chesapeake Financial Shares, Inc.'s stock trades on the over-the-counter market (OTCQB) under the symbol "CPKF."

The holding company operates two subsidiaries. Chesapeake Bank and Chesapeake Wealth Management, Inc.

Chesapeake Wealth Management, Inc. is an independent wealth management firm offering brokerage, trust, and estate management services.

More detail can be found in the most recent Annual Report, or visit www.chesapeakefinancialshares.com.

ABOUT CHESAPEAKE BANK AND CHESAPEAKE PAYMENT SYSTEMS

Chesapeake Bank, founded in 1900, is headquartered in Kilmarnock, Virginia, serving the Northern Neck, Middle Peninsula, Williamsburg, Richmond, Chesterfield, and Peninsula communities. The company offers merchant acquiring services nationally through its division, Chesapeake Payment Systems, and accounts receivable financing nationally through its division, Flexent. Named by American Banker as one of the Top 100 Community Banks and a Best Bank to Work For, employing 290+. Visit: www.ches.bank.

Contact: Jeffrey M. Szyperski 1-800-434-1181

SOURCE: Chesapeake Financial Shares Inc.

View the original press release on ACCESS Newswire

O.M.Souza--AMWN