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.
Go deeper with GlobalData
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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
