ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) and its banking subsidiary, Chemung Canal Trust Company are beginning operations in 2017 with a new CEO.
The banking company’s board of directors appointed Anders Tomson as the new CEO, “effective immediately,” according to a news release issued Dec. 22.
Tomson, 49, replaces Ronald Bentley, who retired as CEO that same day, the banking company said.
Chemung Financial had previously announced the transition plan on May 12 during the corporation’s annual shareholders’ meeting.
It had named Tomson president and COO of Chemung Canal Trust in July 2015 “as part of a succession plan anticipating Bentley’s retirement,” per the release.
Since that time, Tomson has led the bank’s retail-client division, overseeing the 33-branch network, along with the consumer and residential-lending departments within the bank.
Tomson had been serving — and will continue to do so —as president of Capital Bank, a division of Chemung Canal Trust, the banking company said.
He has been in that position since Chemung Canal acquired Capital Bank in April 2011. Chemung Canal’s offices in Albany and Saratoga counties operate under the name Capital Bank.
In addition to his appointment as CEO, the board elected Tomson as a director of both Chemung Financial and Chemung Canal Trust. He will stand for shareholder election at the corporation’s annual shareholders’ meeting in May 2017, the company said.
Bentley joined Chemung Canal as president and COO in July 2006 before his promotion to president and CEO in April 2007.
He has served as a director of Chemung Canal Trust and the parent company since March 2007 and was recently re-elected to another three-year term, ending in May 2019. Bentley will remain on the board of directors after retiring as CEO.
Additionally, he will remain a part-time employee of the bank to serve as an advisor to the parent company.
Established in 1833, Chemung Canal Trust describes itself as “the oldest, locally-owned and managed community bank in New York.”
Chemung Financial reported assets of $1.7 billion and total equity of $144.8 million as of Sept. 30. The bank has 397 full time and part time employees.
The bank’s operations include 33 branch offices located in 11 New York counties and Bradford County, Pennsylvania. Chemung Canal also includes a wealth-management group that reported $1.7 billion in assets under management or administration as of Sept. 30.
Chemung Financial is also parent of CFS Group, Inc., a financial-services subsidiary offering mutual funds, annuities, brokerage services, and insurance.