On April 20, 2011, Anders M. Tomson, was elected President of the Capital Bank Division of Chemung Canal Trust Company, Chemung Financial Corporation’s subsidiary bank. In this connection, his annual base salary will be $210,000 annually. He will also receive 1,000 shares of Restricted Stock, which vests over a five-year period.
Since January 1, 2011, Mr. Tomson has served as President of Capital Bank & Trust Company, subsidiary bank of Fort Orange Financial Corp. in Albany, New York. Chemung Financial and Fort Orange recently completed a merger, dated October 14, 2010, as amended, in which Chemung Financial is the surviving entity, and immediately following the merger Capital Bank was merged with and into Chemung Canal Trust Company.