Chemung Financial Corporation, and Its Wholly-Owned Bank Subsidiary, Chemung Canal Trust Company Announces Election of Richard E. Forrestel, Jr. to Serve as Director
September 18, 2020 at 03:33 pm IST
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Effective on September 16, 2020, the boards of directors of Chemung Financial Corporation, and its wholly-owned bank subsidiary, Chemung Canal Trust Company, elected Richard E. Forrestel, Jr. to serve as director of both the Corporation and the Bank. Mr. Forrestel’s director’s compensation will be on the same terms as other directors and in accordance with the provisions of the Chemung Financial Corporation Directors’ Compensation Plan that includes: (i) an annual retainer, (ii) board meeting and committee fees, (iii) eligibility to participate in the Directors’ Deferred Fee Plan and (iv) shares of the Corporation’s common stock. Mr. Forrestel is not party to any transaction with the Corporation or the Bank that would require disclosure under Item 404(a) of Securities and Exchange Commission Regulation S-K. Mr. Forrestel is Treasurer of Cold Spring Construction Company in Akron, New York. He has been appointed to the Loan Committee of the Bank, and is expected to be appointed to the Audit Committee and Enterprise Risk Committee of the Corporation.
Chemung Financial Corporation is a financial services holding company. The Company operates about 31 offices through its principal subsidiary, Chemung Canal Trust Company (the Bank), a full-service community bank. The Company is also the parent company 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, through the Bank and CFS, provides a range of financial services, including demand, savings and time deposits, commercial, residential and consumer loans, interest rate swaps, letters of credit, wealth management services, employee benefit plans, insurance products, mutual funds and brokerage services. Its core banking segment attracts deposits from the general public and uses such funds to originate consumer, commercial, commercial real estate, and other loans. Its WMG services segment offers trust and investment advisory services to clients.
Chemung Financial Corporation, and Its Wholly-Owned Bank Subsidiary, Chemung Canal Trust Company Announces Election of Richard E. Forrestel, Jr. to Serve as Director