CFO of Chemung Financial in N.Y. to Step Down

By Chris Cumming September 04, 2013, 9:41 a.m. EDT 1 Min Read

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Chemung Financial in Elmira, N.Y., has agreed to buy six branches in upstate New York from Bank of America.

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July 11
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The move should improve liquidity for the $1.3 billion-asset Chemung's shares, Ronald M. Bentley, Chemung's president and chief executive, said in a news release Wednesday.

By Jackie Stewart

November 15

The chief financial officer of Chemung Financial in Elmira, N.Y., is resigning.

Mark Severson plans to resign Sept. 13 to pursue another opportunity, the $1.3 billion-asset company said Tuesday in a regulatory filing. Chemung will begin a search for his successor immediately.

Severson, 59, has been Chemung's CFO and treasurer and the CFO of its banking unit since May 2012, according to the company's latest proxy statement. From 2007 through 2012, he was treasurer at FNB United in North Carolina; earlier, he was the CFO at Camco Financial in Ohio.

In July, Chemung agreed to buy six branches from Bank of America (BAC) in upstate New York.

Chris Cumming

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