ELMIRA — Chemung Financial Corp. (NASDAQ: CHMG) today announced that its banking subsidiary, Chemung Canal Trust Co., has agreed to buy six Bank of America branch offices located in Auburn, Cortland, Ithaca, and Seneca Falls.
The Elmira–based banking company, which was founded in 1833, will be entering Cayuga, Cortland, and Seneca counties for the first time, while expanding its Tompkins County presence.
“We are very excited to expand our market share in Tompkins County and to bring our brand of community banking into Auburn, Cortland & Seneca Falls,” Ronald M. Bentley, president and CEO of Chemung Financial and Chemung Canal, said in a news release.
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Chemung Canal is purchasing branch offices located at 120 Genesee St., Auburn; 185 Grant St., Auburn; 1094 Highway 222, Cortland; 304 Elmira Road, Ithaca; 202 The Commons, Ithaca; and, 54 Falls St., Seneca Falls.
The bank said it expects to keep all the employees currently working in these branch offices.
Chemung Canal will acquire nearly $261 million in deposits and $1.8 million in loans. The transaction, which has to be approved by regulators, is expected to close in the fourth quarter, according to the release. No financial terms were disclosed.
Chemung Financial said it expected the deal to add to its earnings in 2015.
The bank indicated the primary impetus for the move is to grow its assets under management and expand its geographic reach.
“Growth in our balance sheet has been and will continue to be an important focus of our Board and Management team. We have been very successful in accomplishing this goal, during the past several years, through a combination of organic growth and by expanding our footprint through acquisitions,” Bentley said in the release.
In 2011, Chemung Financial acquired Capital Bank & Trust, in the Albany area, and in 2009 it purchased the Bank of Canton in Pennsylvania. The company also acquired three branch offices from M&T Bank in 2008.
As of March 31, 2013, Chemung Financial reported total assets of $1.28 billion and $1.83 billion of assets under management or administration within its Wealth Management Division.
In addition to retail and commercial banking products, Chemung Canal provides wealth-management products, as well as trust, estate, retirement, and investment services.
Chemung Canal currently has 23 bank branches in Broome, Chemung, Schuyler, Steuben, Tioga, and Tompkins counties in New York and Bradford County in Pennsylvania. It also operates five branches, under the name Capital Bank, in Albany and Saratoga counties.
Contact Rombel at arombel@cnybj.com
