Peoples Financial Services Announces President Thomas Tulaney's Retirement, CEO Gerard Chambi Poised to Succeed
MOOSIC, Pa. — Leadership transition is on the horizon for Peoples Financial Services Corp. (NASDAQ: PFIS), the holding company for Peoples Security Bank and Trust Company. The bank announced last week that its President, Thomas P. Tulaney, will retire from his executive roles effective April 3, 2026.
Tulaney, who was appointed to the presidency just over a year ago in January 2025, played a key role in collaborating with the board and CEO Gerard A. Chambi to strengthen the bank's financial footing. Following his retirement, he is slated to continue with the institution in a senior advisory capacity, focusing on leadership transition, strategic guidance, and maintaining key client relationships.
The company indicated that, pending board review, current CEO Gerard A. Chambi is expected to succeed Tulaney as President of both the holding company and the bank, consolidating the top leadership roles.
Analysts view this planned, long-lead transition as a sign of stability for the regional bank, allowing for a seamless handover of responsibilities. "A two-year notice period is unusually long and suggests a very deliberate, orderly succession plan," noted financial sector observer Michael Rigby. "It minimizes disruption and allows Chambi to integrate the president's duties gradually."
Community and Industry Reaction
The announcement has sparked conversation among local business leaders and customers.
"Tom has been a steady hand for years, both in his previous roles and as President. His commitment to staying on as an advisor shows he genuinely cares about the bank's future," said David Chen, a small business owner and long-time client. "It gives me confidence."
"While the succession plan seems smooth, it raises questions about broader executive bench strength," commented Sarah Elwood, a former banking regulator. "Having the CEO simply absorb the president's title can be a cost-saving measure, but it also concentrates a lot of power. The board must ensure robust independent oversight."
"Another top banker riding off into the sunset with a cushy advisory role? Color me shocked," remarked Marcus Reed, a teller at a competing bank in Scranton. "These announcements always talk about 'smooth transitions' for shareholders, but rarely mention how it affects the tellers and loan officers doing the day-to-day work. Let's see if that 'strengthened financial performance' trickles down."
This story will be updated as more details emerge.
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