ELMIRA — Chemung Canal Trust Co. of Elmira and its parent company are preparing a leadership transition with the announcement of an upcoming retirement and succession plan. Ronald Bentley, CEO of Chemung Canal Trust and Chemung Financial Corp. (NASDAQ: CHMG), plans to retire on Dec. 31. Upon his retirement, Anders Tomson, Chemung Canal’s current president […]
ELMIRA — Chemung Canal Trust Co. of Elmira and its parent company are preparing a leadership transition with the announcement of an upcoming retirement and succession plan.
Ronald Bentley, CEO of Chemung Canal Trust and Chemung Financial Corp. (NASDAQ: CHMG), plans to retire on Dec. 31.
Upon his retirement, Anders Tomson, Chemung Canal’s current president and COO will replace Bentley as CEO, the banking company said in a May 12 news release.
Bentley joined Chemung Canal as president and COO in July 2006 before the company promoted him to president and CEO in April 2007.
He has served as a director of both Chemung Canal Trust and Chemung Financial since March 2007, and was recently re-elected to another three-year term, ending in May 2019.
Bentley will remain on the boards of directors after retiring as CEO.
Bentley’s banking career spans more than 35 years and includes senior level positions at NBT Bank, KeyBank, and Premier National BanCorp, prior to joining Chemung Canal in 2006.
The banking company has made “remarkable progress” under Bentley’s leadership, David Dalrymple, chairman of the board of both Chemung Canal and Chemung Financial, said in the news release.
“During Ron’s tenure we have posted record growth in assets, loans, deposits and shareholders’ equity,” said Dalrymple. “…all key measurements of our financial performance.”
Chemung Financial’s assets totaled $1.6 billion as of March 31, up 129 percent since June 2006. Shareholders’ equity has increased more than $60 million, or 77 percent, to $141 million during the same period, according to the release.
During Bentley’s tenure, Chemung Financial acquired Capital Bank & Trust in the Albany area in 2011; the Bank of Canton in Pennsylvania in 2009; and branch offices from M&T Bank (NYSE: MTB) in 2008 and from Bank of America (NYSE: BAC) in 2013.
As part of a wealth-management growth strategy, Chemung Financial also acquired the trust assets from Partners Trust in 2007 and Cascio Financial Strategies, an Elmira–based financial services and tax preparation company, in 2008.
Founded in 1833 and headquartered in Elmira, Chemung Canal Trust is a community bank with full trust powers. It describes itself as “the oldest locally owned and managed community bank in New York.” Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance.
The company launched CFS Group, Inc. in 2001.
Contact Reinhardt at ereinhardt@cnybj.com