Chemung Canal Trust names Cosgrove chief credit officer

ELMIRA, N.Y. — Chemung Canal Trust Company announced it has hired Peter K. Cosgrove as executive VP and chief credit officer. He started his job at the bank on Aug. 12.

Cosgrove began his banking career with Fleet Bank, followed by 10 years of employment at the Troy Savings Bank, which was acquired by First Niagara Financial Group in 2004. At First Niagara, he held a number of key leadership positions. At the time of its merger with KeyBank, Cosgrove was First Niagara’s managing director of commercial banking, covering eight markets across four states. He served on the Key/First Niagara merger integration leadership team and was named KeyBank’s regional sales executive for its east region (Albany, metro New York City, Connecticut, and e astern Pennsylvania) in August 2016.

As chief credit officer, Cosgrove will lead the credit administration and collections functions at the bank, responsible for managing asset quality and assisting the efforts of the bank’s business services division and other lending groups. As of June 30, 2019, the bank’s loan portfolio totaled $1.3 billion, comprised of commercial, residential mortgage and consumer loans.

“We are very excited to have a banker of Peter’s experience and stature join us as our Chief Credit Officer. He is well respected within our industry, having been an impactful banker throughout the Upstate New York market for more than three decades,” Anders M. Tomson, president and CEO of Chemung Canal Trust, said in a news release.

Chemung Canal Trust Company was started in 1833 and says it is the oldest locally owned and managed community bank in New York state. It is the main subsidiary of Chemung Financial Corp. (NASDAQ: CHMG), a $1.8 billion financial services holding company headquartered in Elmira, which operates 33 branches.

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Photo credit: Chemung Canal Trust