Chemung Canal’s Capital Bank unit to open second branch in Saratoga County

SARATOGA SPRINGS, N.Y. — Capital Bank, a division of Elmira–based Chemung Canal Trust Company, announced it will open a new, full-service branch office in the Saratoga Springs/Wilton area of northeastern Saratoga County next year.

Capital Bank currently has a branch in Clifton Park, in southern Saratoga County.

“Expanding deeper into Saratoga County has been a desire of ours for some time, but it was a matter of identifying the right facility with the right site. We are confident that this location is the perfect match,” Anders M. Tomson, president and CEO of Chemung Canal Trust and division president of Capital Bank, said in a news release.

The new branch will be located at 3057 Route 50 in the town of Wilton, just outside the city of Saratoga Springs. Capital Bank will lease a former First Niagara office, just on the northern edge of Wilton Plaza. The 3,400-square-foot branch will feature a drive-in teller and a drive-up ATM.

Tomson indicated that the branch will likely open during the second quarter of 2018.

“The building is large enough to allow us to make this a regional financial center, offering residential, small business and commercial lending; wealth management and brokerage services,” said Tomson. “These services will complement our more traditional individual and commercial banking products.”

The Saratoga Springs/Wilton branch will be Capital Bank’s seventh location, and follows the announcement earlier this year that Capital Bank was building a new branch within Schenectady’s Mohawk Harbor waterfront development project. That office is scheduled to open in the first quarter of 2018, the banking company said.

“Saratoga County is the fastest growing county in New York State, outside of New York City & Westchester County,” Tomson said in the release. “With a strong economic foundation, a well-diversified employment base, low unemployment, quality healthcare and educational outlets, and a plethora of cultural and entertainment venues, we believe that the residents and business community will benefit from our community banking business model, which emphasizes a “high touch” approach to meeting our clients’ banking needs.”

Capital Bank, which started in 1995, was merged in Chemung Canal Trust Company in 2011 when its parent Fort Orange Financial Corp. was acquired by Chemung Canal’s parent Chemung Financial Corp. (NASDAQ: CHMG).

Chemung Financial has more than $1.7 billion in total assets. Chemung Canal Trust, which says it’s the oldest locally owned and managed community bank in New York state, currently operates 33 offices in 11 counties in New York state and one county in northern Pennsylvania.

Contact Rombel at arombel@cnybj.com