View all newsletters
Receive our newsletter – data, insights and analysis delivered to you
  1. News
July 12, 2013updated 04 Apr 2017 3:03pm

Chemung Canal to acquire six branch offices in Central New York

Chemung Canal Trust Company, the banking subsidiary of Chemung Financial, has agreed with Bank of America to acquire six branch offices located in Auburn, Cortland, Ithaca and Seneca Falls, New York.

By Verdict Staff

Chemung Canal Trust Company, the banking subsidiary of Chemung Financial, has agreed with Bank of America to acquire six branch offices located in Auburn, Cortland, Ithaca and Seneca Falls, New York.

According to the agreement, Chemung Canal will acquire nearly US$261 million in deposits and US$1.8 million in loans. Subject to regulatory approval, the acquisition is expected to close in the fourth quarter of 2013.

Ronald Bentley, president and CEO of Chemung Canal Trust Company, said: "We are very excited to expand our market share in Tompkins County and to bring our brand of community banking into Auburn, Cortland & Seneca Falls. We believe many residents and businesses will value and appreciate the ‘high touch’ approach to banking we will provide in these communities.

"As a full-service community bank, we can offer our newest customers a menu of products and services necessary to help them achieve their financial goals. At the same time, our commitment to providing the highest quality of customer service — ‘Canal Care’ – is a hallmark of Chemung Canal and distinguishes us from other banking competitors," Bentley added.

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. A weekly roundup of the latest news and analysis, sent every Wednesday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Private Banker International