Chemung Canal Trust expands lending operations into Buffalo market

ELMIRA — Chemung Canal Trust Company, a unit of Chemung Financial Corp. (NASDAQ: CHMG), announced on Oct. 21 that it will expand its lending operations to serve the City of Buffalo, as well as Erie and Niagara Counties.

“I am happy to announce that the bank will be entering the Western New York market with a dedicated lending presence,” said Anders M. Tomson, president and CEO of Elmira–based Chemung Canal Trust. “Buffalo, along with its surrounding communities, makes up the largest market in all of Upstate New York, and we are excited to extend our brand of professional, personal and high-touch lending services to the region.”

The bank says it plans on opening a loan-production office “in the near future.” 

Chemung Canal Trust has hired a veteran commercial banker to spearhead its entrance into the Western New York lending market. It hired Michelle Maloney as senior VP and in-market commercial lending officer. Maloney brings more than 30 years of leadership and commercial-lending experience in the Western New York Region to the company.  

Most recently, she served as senior VP and chief lending officer at the Bank of Akron.

“Michelle is a banker with a tremendous track record and reputation in Western New York,” said Tomson.  “We are thrilled to have another community-minded banker on our team, and I am confident she will be an asset to both the community and our company.” 

Established in 1833, Chemung Canal Trust says it is the oldest, locally owned and managed community bank in New York. Chemung Financial is also parent of CFS Group, Inc., a financial-services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance; and Chemung Risk Management, Inc., an insurance company based in Nevada.