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Chemung Financial retains CEO back for mentorship, M&A opportunities

Chemung Financial Corp. has retained its former CEO Ronald Bentley to serve as an adviser and mentor to his successor, current bank president and CEO Anders Tomson, according to a bank Form 8-K dated Dec. 22.

The post-employment consulting position will last one year and is effective Jan. 1, 2018. Bentley will also provide "continuing strategic advice and counsel related to potential acquisitions and participate in major strategic initiatives" and could provide assistance in business development and the formation and retention of key client relationships, according to the release. He will receive an annual payment of $50,000 in monthly installments and be classified as an independent contractor.