Tom Hoy retires as board chair of Arrow Financial, citing health; Bill Owens successor

By Mark Frost, Chronicle Editor

“Tom Hoy has announced his retirement due to health reasons as Chairman of our Board, a position he has held since 2004,” Arrow Financial Corporation Chief Financial Officer Penko Ivanov disclosed to The Chronicle Monday, in an e-mail response to questions we posed about the bank’s condition. (See page 12.)

Mr. Ivanov said Mr. Hoy “will continue to serve as a member of our Board of Directors, and we will continue to benefit from his 40 years of experience with the company and the communities we serve.

“Former Congressman Bill Owens, a member of the Board of Directors since 2015, has been elected chair.”

Mr. Owens, an attorney in Plattsburgh, is a partner in Stafford, Owens, Piller, Murnane, Kelleher & Trombley, PLLC.

The 11-member board includes, besides Mr. Hoy and Mr. Owens:
Mark L. Behan, Founder and President, Behan Communications, Inc.
Tenée R. Casaccio, AIA, President, JMZ Architects and Planners, P.C.
Gregory J. Champion – Executive Vice President – Legal, Syncromune, Inc.
Gary C. Dake, President, Stewart’s Shops Corp.
David G. Kruczlnicki – Retired President and CEO, Glens Falls Hospital
Elizabeth A. Miller, President and CEO, Miller Mechanical Services, Inc.
Thomas J. Murphy, President and CEO, Arrow Financial Corporation
Raymond F. O’Conor – Chairman and Retired President and CEO, Saratoga National Bank
Dr. Colin L. Read, Professor – Department of Economics and Finance, SUNY Plattsburgh.

A biographical note on Arrow Financial’s website says, “Thomas L. Hoy, age 73, has been a Director of the Company since 1996, Chairman since 2004, a Director of Glens Falls National Bank since 1994, and Chairman of Glens Falls National Bank since 2004. He was President of the Company from 1996 to 2012, and CEO from 1997 until his retirement at the end of 2012….”

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