Company Profile
- Chemung Financial Corporation (NASDAQ: CHMG; “the company”) is the BHC for principal subsidiary, Chemung Canal Trust Company (“the bank”), which is the oldest locally owned community bank in the state. The franchise spans roughly 30 branches across the Southern Tier and Finger Lakes regions, the Capital District (operating under the “Capital Bank” name), Western NY (“Canal Bank”), and two branches in northern PA. Market share is very strong in the legacy footprint, and remains fairly minimal in Albany and Buffalo, but is expanding as management pursues measured organic growth. Acquisition history includes whole-bank acquisitions (Canton Bancorp in 2009, and Fort Orange Financial Corp. in 2011); branch purchases (three M&T Bank branches in 2008 and six BofA branches in 2013); and wealth management-related acquisitions (the trust assets of Partners Trust Bank in 2007 and the Elmira-based Cascio Financial Services firm in 2008), but organic growth has been the…