Elmira Savings Bank (ESBK) in New York has promoted Thomas Carr to become its president.
Carr, 44, will remain chief operating officer, a role he has held since 2005, Elmira said Tuesday. He joined the bank as chief financial officer in 2000 and was elected to the board last year. He succeeded Michael Hosey, who remains the $511 million-asset bank’s chief executive and vice chairman.
Hosey "has positioned Elmira Savings Bank as one of the leading community banks in the region," John Brand, Elmira’s chairman, said in a press release. "The board has every confidence that Thomas Carr will continue to carry on the tradition of excellence at the bank."
Elmira also announced Tuesday that its first-quarter earnings rose 3% from a year earlier, to $1.2 million. Noninterest income increased 19% from a year earlier, to $1.5 million, largely due to an $848,000 gain from loan sales. Net interest income was flat compared to a year earlier, at $3.8 million.
The Elmira, N.Y., bank has 12 branches in upstate New York. Earlier this month, it announced that it had partially redeemed stock it had issued through the Treasury Department’s small-business loan fund.