Jeffrey B. Streeter
About Jeffrey B. Streeter
Jeffrey B. Streeter, age 57, is an independent director of Chemung Financial Corporation (CHMG) who has served on the board since 2018. He is the owner and President of Streeter Associates, a commercial general construction firm based in Elmira, NY (since 2002), and also owns multiple commercial real estate properties, bringing entrepreneurial, financial planning, and people-management experience to the board . He was nominated for another three-year term at the 2025 annual meeting (term expiring in 2028, if elected) and was elected with 3,360,087 votes for and 39,321 withheld on June 3, 2025 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Streeter Associates (Elmira, NY) | Owner & President | 2002–present | Leads commercial construction operations; experience in business ownership and strategic/financial planning cited as board qualifications |
| Chemung Financial Corporation | Director | Since 2018 | Independent director; Audit Committee member (see Board Governance) |
External Roles
| Organization/Area | Role | Tenure | Notes/Impact |
|---|---|---|---|
| Commercial real estate (multiple properties) | Owner | Not disclosed | Ownership of multiple commercial properties in Elmira, NY area |
| Elmira-area not-for-profits | Board service | Not disclosed | “Service on several boards in the Elmira area in the not for profit arena” (organizations not specified) |
Board Governance
| Attribute | Detail |
|---|---|
| Committee assignments | Audit Committee member (not Chair) |
| Committee chairs | None (not listed as chair on any standing committee) |
| Independence | Independent; board determined all directors except CEO (Mr. Tomson) are independent; Audit Committee (including Streeter) meets stricter SEC independence standards |
| Meeting attendance | Each director attended at least 75% of Board and assigned committee meetings in 2024; Board held 12 regularly scheduled meetings; independent directors held two executive sessions in 2024 |
| Committee activity levels (2024) | Audit met 5x; Nominating & Governance met 2x; Compensation & Personnel met 6x |
| Board leadership | CEO and Chair roles separated; David J. Dalrymple served as independent Board Chair in 2024 |
| 2025 director election result | Elected with 3,360,087 votes “For”, 39,321 “Withheld”; 706,645 broker non-votes |
| Term status | Nominee for term expiring 2028 (if elected) |
Fixed Compensation
| Metric (Non-Employee Director) | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | 29,500 | 28,000 |
| Stock Awards – Grant Date Fair Value ($) | 28,039 (granted Jan 19, 2023) | 28,000 (granted Jan 17, 2024) |
| All Other Compensation ($) | 568 (includes dividends on restricted stock) | 731 (includes dividends on restricted stock) |
| Total Director Compensation ($) | 58,107 | 56,731 |
| Cash fee schedule (reference) | Basic annual retainer $11,500; meeting fees $500 per board/committee meeting; supplemental chair fees per committee; Audit Chair supplemental retainer $2,875, etc. | Basic annual retainer $11,500; meeting fees $500 per board/committee meeting; updated chair fee schedule (e.g., Chair of Board fees $3,500; Audit Chair supplemental $2,875) |
Notes: Director fees may be deferred into a share-settled unit account under the Directors’ Deferred Fee Plan (one inactive participant) .
Performance Compensation
| Award Element | 2023 | 2024 |
|---|---|---|
| Equity award type | Restricted stock (time-based) | Restricted stock (time-based) |
| Grant date | Jan 19, 2023 | Jan 17, 2024 |
| Shares (reported) | 611 shares awarded (unvested at YE) | 582 unvested shares outstanding at 12/31/2024 (footnote indicates outstanding unvested count; grant size not separately disclosed in table) |
| Grant date fair value ($) | 28,039 | 28,000 |
| Vesting schedule | Fully vests on first anniversary of grant | Fully vests on first anniversary of grant |
| Stock options | None granted in 2024; company has not historically granted options | None granted in 2024; policy discourages timing around MNPI; restrictions apply to options if used in future |
No performance metrics are attached to director equity; awards are time-vested restricted stock with one-year vesting .
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Public company boards | None disclosed in CHMG’s 2025 proxy biography |
| Private/non-profit boards | “Service on several boards in the Elmira area in the not for profit arena” (unspecified) |
| Interlocks | No Compensation Committee interlocks in 2024 (committee-wide disclosure; Streeter is not a member of the Compensation Committee) |
| Related-party transactions | No Streeter-specific related-party transactions disclosed; aggregate insider/director/officer loans outstanding were $25.4 million at 12/31/2024, made on market terms per regulation; one disclosed lease with an entity affiliated with another director (Buicko), not Streeter |
Expertise & Qualifications
- Board-stated qualifications: experience in all aspects of business ownership and operation, strategic and financial planning, people management, organizational skills, and local not-for-profit board service .
- Audit Committee member; the board identified David M. Buicko (Audit Chair) as the Audit Committee Financial Expert; other members (including Streeter) meet SEC/NASDAQ independence standards for audit committees .
Equity Ownership
| Metric | Detail |
|---|---|
| Total beneficial ownership (as of April 7, 2025) | 14,179 shares; less than 1% of outstanding |
| Ownership breakdown | 4,179 shares held solely; 10,000 shares held in a revocable trust |
| Unvested director restricted stock | 592 unvested shares included in the director totals as of April 7, 2025 ; 582 unvested shares outstanding at 12/31/2024 per director comp table |
| Pledging/hedging policy | Directors are prohibited from pledging CHMG stock as collateral and from hedging/derivative transactions in CHMG stock |
| Stock ownership guidelines | No specific director ownership multiple disclosed in the proxy excerpts reviewed |
Governance Assessment
- Board effectiveness and independence: Streeter is an independent director and active Audit Committee member under heightened SEC independence requirements, supporting financial reporting oversight; he is not designated the committee’s financial expert, but committee expertise is covered by the Chair (Buicko) .
- Engagement: Attendance met or exceeded the 75% threshold in 2024, with 12 regular board meetings and two independent director executive sessions, indicating baseline engagement; the Audit Committee met five times in 2024 .
- Ownership alignment: Streeter beneficially owns 14,179 shares (including a 10,000-share revocable trust) plus annual time-vested restricted stock awards, aligning incentives with shareholders; position is <1% given CHMG’s share count .
- Compensation structure: Director pay is modest and balanced between cash fees and a one-year vesting restricted stock grant (e.g., $28,000 equity grant-date value in 2024), with no stock options granted, limiting risk-taking incentives and timing concerns .
- Conflicts/related-party exposure: No Streeter-specific related-party transactions disclosed; CHMG’s insider loans (typical for banks) are represented as on market terms and reviewed per policy; anti-pledging/hedging policy is a positive governance control .
- Shareholder sentiment: 2025 Say-on-Pay passed (3,252,181 For vs. 119,310 Against) and Streeter was re-elected with strong support (3,360,087 For), indicating current investor confidence in governance and board composition .
RED FLAGS (monitoring): None disclosed specific to Streeter. Given his construction and real estate interests, continue to monitor future proxies/8-Ks for any CHMG or bank subsidiaries’ transactions with entities he controls to ensure continued arm’s-length treatment and disclosure (no such items disclosed in the 2025 proxy) .