Saratoga National Bank and Trust in Saratoga Springs, N.Y., has announced its succession plan for when its current chief executive and president, Raymond F. O’Conor, steps down at the end of the year.
David S. DeMarco will take over as president of the $305 million-asset bank and will join its board on July 1, the bank's holding company, Arrow Financial (AROW), said Tuesday. He will then become CEO at the end of the year and O’Conor will remain the bank's chairman.
DeMarco is a senior vice president with the $2 billion-asset Arrow in Glens Falls, N.Y. He has also served as head of the branch, corporate development, financial services, insurance and marketing group for Arrow’s other banking unit, Glens Falls National Bank and Trust, since January 2003.
O’Conor has been president and CEO of Saratoga since January 1996 and was named chairman in April 2007. He started working with the Glens Falls bank in 1985 and joined Saratoga when it opened three years later.
Arrow is undergoing a change in leadership as well. Its longtime CEO, Thomas L. Hoy, is retiring at the end of the year and will be replaced by Glens Falls President Thomas J. Murphy. Hoy will remain the holding company's chairman.