ELMIRA, N.Y. — Chemung Financial Corp. (NASDAQ: CHMG), parent company of Chemung Canal Trust Company, announced that its board of directors has approved a quarterly cash dividend of 26 cents a share.
The dividend is payable on Jan. 4 to common stock shareholders of record as of the close of business on Dec. 18, according to a Chemung Financial news release.
The dividend yields about 3.8 percent on an annual basis, at the banking company’s current stock price.
Chemung Financial reported net income of $2.45 million, or 52 cents a share, in the third quarter, That’s an improvement from a net loss of $319,000, or 7 cents a share, in the year-ago period.
Chemung Financial is a $1.63 billion financial-services holding company, headquartered in Elmira, which operates 34 branches through its main subsidiary, Chemung Canal Trust. Started in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state.
Chemung Canal Trust ranks ninth in deposit market share in the 16-county Central New York area, according to the latest FDIC data. It has 21 branches in the region.
Chemung Financial is also the parent of CFS Group, Inc., a financial-services subsidiary offering mutual funds, annuities, brokerage services, tax preparation services, and insurance.
Contact The Business Journal News Network at news@cnybj.com
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