ELMIRA — Chemung Canal Trust Company has completed the acquisition of six former Bank of America branch offices located in Auburn, Cortland, Ithaca, and Seneca Falls.
These offices opened as branches of Chemung Canal Trust on Monday.
Chemung Financial Corp. (NASDAQ: CHMG), the parent of Chemung Canal Trust, made the announcement in a statement released today.
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As part of the transaction, Chemung Canal Trust acquired about $200 million in deposits and $1.2 million in loans.
The acquisition is expected to add to Chemung Financial’s earnings in 2015, the company said.
With the new branches, Chemung Canal Trust is now servicing an additional 27,000 account holders, Ronald Bentley, president and CEO of the banking company, said in the news release.
“We retained all of the employees from these offices and we look forward to helping our newest employees provide an extensive menu of products and services, all in an effort to help their clients achieve their personal financial goals,” Bentley said.
The former Bank of America branches represent the fourth banking acquisition for Chemung Financial over the past five years.
Chemung Financial in 2011 acquired Capital Bank & Trust in Albany, which followed its acquisition of the Bank of Canton in Pennsylvania in 2009.
The company also acquired three branch offices from M&T Bank in 2008.
In addition, Chemung Financial also purchased the trust assets from Partners Trust in 2007 and Cascio Financial Strategies, an Elmira–based financial services and tax preparation company in 2008.
Chemung Canal Trust, with post-acquisition assets of $1.5 billion, now operates 29 banking offices in Broome, Cayuga, Chemung, Cortland, Schuyler, Seneca, Steuben, Tioga and Tompkins counties in New York and Bradford County in Pennsylvania.
Chemung Canal Trust also operates five banking offices under the name Capital Bank, a division of Chemung Canal, in Albany and Saratoga counties, the company said.
Founded in 1833 and headquartered in Elmira, Chemung Canal Trust is a community bank with full trust powers, according to its news release.
It describes itself as “the oldest locally-owned and managed community bank in New York.” Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance.
The company launched CFS Group, Inc. in 2001.
Contact Reinhardt at ereinhardt@cnybj.com
