Arrow Financial in Glens Falls, N.Y., has parted ways with its president and CEO.
The $4 billion-asset company said in a press release that Thomas Murphy terminated his employment on Friday. He also stepped down from the board.
Arrow said that David DeMarco, its chief banking officer, was named to succeed Murphy.
DeMarco, who joined the company in 1987, will remain president and CEO of Arrow subsidiary Saratoga National Bank and Trust, posts he has held since 2012.
“We are very pleased that Dave has agreed to serve as president and CEO of Arrow and” Glen Falls National Bank, William Owens, the company’s chairman, said in the release.
“Dave has dedicated his career to the company, understands community banking and he is well-known throughout our organization and the communities we serve,” Owens added.
Arrow has been unable to file its 2022 annual report and its first-quarter filing as it “expects it will disclose deficiencies” in its internal controls. The issues are tied to a failure to design and maintain an effective risk assessment process.
The company has also said it needs to improve management oversight over the internal control evaluation process and assessing and communicate the “severity of identified deficiencies in a timely manner to … individuals responsible for taking corrective action,” among other things.
Arrow has said the issues shouldn’t lead to a material change to its financial results.