Chemung Canal Trust Company
| Company type | Public |
|---|---|
| Industry | Banking, Financial services |
| Founded | 1833 |
| Headquarters | Elmira , United States |
Key people | Ronald Bentley (President and CEO as of 2011) |
Number of employees | 339 (2024) |
| Parent | Chemung Financial Corporation |
| Website | www |
Chemung Canal Trust Company is a trust institution chartered by the state of New York, headquartered in Elmira, New York. Originating as a publicly listed bank in 1833, it is traded on the NASDAQ under the symbol CHMG.
History
The bank was founded in 1833 and initially operated from the Chemung Canal Bank Building. Leadership by the Arnot family began in 1842. In 1902, Matthias Arnot guided the merger with Elmira Trust Company, resulting in the formation of Chemung Canal Trust Company. The Arnots maintained control as a private family bank until 1903, when it transitioned back to public ownership.
In 1920, the bank moved its headquarters to 129 East Water Street, followed by another relocation in 1971 to One Chemung Canal Plaza. Starting in 1951, branch expansion efforts extended across the Twin Tiers area. The acquisition of Fort Orange Financial Corp. and its subsidiary Capital Bank & Trust Company in 2011 broadened its footprint into the Albany region.
By 2011, with Ronald Bentley serving as President and CEO, the bank managed 23 branches and held assets totaling $1 billion. Deposits grew to $1.5 billion across 25 branches by June 2020.
Chemung Financial Corporation, the parent holding company listed on NASDAQ as CHMG, had a market value of $226 million as of August 2024. The company employs 339 staff members and reports annual net earnings of $25 million on revenues amounting to $113 million. Its equity stands at $195 million, with deposits exceeding $2.4 billion.