ELMIRA, N.Y. — Chemung Canal Trust Company, a unit of Chemung Financial Corp. (NASDAQ: CHMG), on March 25 received approval from the New York State Department of Financial Services (DFS) to open and operate a new branch office in the town of Clarence in Erie County. “With the COVID-19 pandemic financially squeezing New Yorkers and […]
ELMIRA, N.Y. — Chemung Canal Trust Company, a unit of Chemung Financial Corp. (NASDAQ: CHMG), on March 25 received approval from the New York State Department of Financial Services (DFS) to open and operate a new branch office in the town of Clarence in Erie County.
“With the COVID-19 pandemic financially squeezing New Yorkers and Main Street businesses across the state, it is now more important than ever for consumers to have access to affordable and reliable financial services and products during a difficult time,” Linda A. Lacewell, New York’s superintendent of financial services, said in a news release. “Chemung Canal Trust Company now has DFS approval to serve local families and businesses as the greater Buffalo community works to rebuild and recover.”
The new Chemung Canal Trust branch will be located at 9159 Main Street, Suite 1B, in Clarence.
“We are excited that the bank will be entering the Western New York market in Clarence with a dedicated lending presence,” Anders M. Tomson, president and CEO of Chemung Canal Trust and Chemung Financial, said in the DFS release. “Buffalo, along with its surrounding communities, makes up the largest market in all of Upstate New York, and we are excited to bring our brand of professional, personal and client-first lending services to the region.”
Last Oct. 21, Chemung Canal Trust announced it would expand its lending operations to serve the City of Buffalo, as well as Erie and Niagara Counties. The bank said it was planning on opening a loan production office “in the near future.”
In its Form 10-K annual report filed with the U.S. Securities & Exchange Commission on March 24 of this year, the banking company said it was planning to open a full-service branch at the same location, pending approval from regulators.
With the new additional branch office, Chemung Canal Trust will operate 31 offices in New York state. As of last Dec. 31, parent company Chemung Financial had total assets of $2.3 billion.