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Chemung Canal Trust Company
Chemung Canal Trust Company is a New York State chartered trust company based in Elmira, New York. It was founded as a publicly traded bank in 1833.[1] History The first version of the bank was founded in 1833.[2] It was founded as a publicly traded bank in 1833 and originally housed in the Chemung Canal Bank Building.[1] An Arnot became president of the bank in 1842. In 1873, his son Mattias Arnot became president, upon his father's death. In 1902, Arnot as president oversaw the consolidation of the Chemung Canal Bank with the Elmira Trust Company, creating the Chemung Canal Trust Company.[3] In 1857, the Arnot family gained control of the bank and operated a private family bank until 1903, when the bank again became publicly owned.[1] The bank moved to 129 East Water Street in 1920, and then to One Chemung Canal Plaza in 1971.[1] In 1951, the bank began expanding and opened branches throughout the Twin Tiers.[4] In 2011, the bank acquired the Fort Orange Financial Corp. and its subsidiary Capital Bank & Trust Company of Albany, New York, expanding its network to the Albany area.[4] In 2011, Ronald Bentley was president and CEO of Chemung Financial, and it had 23 full branches and assets of $1 billion.[4] In June 2020, it had $1.5 billion in deposits, according to US federal data, and 25 locations.[2] The bank holding company Chemung Financial Corporation (NASDAQ: CHMG) owned Chemung Canal Trust Company as of at least August 8th 2024. Chemung Financial Corporation, with a market capitalization of $226mm, employs 339 individuals, earns yearly net income of $25mm on revenues of $113mm and equity of $195mm with more than $2.4bn in deposits. References
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