Chemical Banking Corp.'s board of directors has elected Nancy R. McArthur as managing director of private banking in New Jersey.

She manages Chemical's private banking operation in the state. The company has trust, investment, and banking offices in Morristown, Montclair, Summit, and Ridgewood.

Ms. McArthur started her banking career in South Carolina in 1974. She joined Chemical Banking Corp.'s real estate division in 1981.

She went on to manage commercial real estate lending for the bank in the Middle Atlantic states, its national home builders group, and new-product development in the real estate investment bank.

In 1992 she joined Chemical's private banking subsidiary in New Jersey - then known as Princeton Bank and Trust Co. - as manager of the Summit office. She became the unit's chief administrative officer in 1994 and managed the repositioning of Chemical's private banking operation in New Jersey.

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