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Chemung Canal Trust Company is a
The first version of the bank was founded in 1833. It was founded as a publicly traded bank in 1833 and originally housed in the Chemung Canal Bank Building.
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.https://www.stargazette.com/story/news/local/2023/09/05/how-elmira-banker-philanthropist-matthias-arnot-founded-arnot-art-museum/70698697007/
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.
The bank moved to 129 East Water Street in 1920, and then to One Chemung Canal Plaza in 1971. In 1951, the bank began expanding and opened branches throughout the
Chemung Canal Trust Company official website
Financial services companies based in New York (state) Banks established in 1833 1833 establishments in New York (state) {{US-bank-stub
New York State
New York, also called New York State, is a state in the northeastern United States. Bordered by New England to the east, Canada to the north, and Pennsylvania and New Jersey to the south, its territory extends into both the Atlantic Ocean and ...
chartered trust company
A trust company is a corporation that acts as a fiduciary, trustee or agent of trusts and agencies. A professional trust company may be independently owned or owned by, for example, a bank or a law firm, and which specializes in being a trust ...
based in Elmira, New York
Elmira () is a Administrative divisions of New York#City, city in and the county seat of Chemung County, New York, United States. It is the principal city of the Elmira, New York, metropolitan statistical area, which encompasses Chemung County. ...
. It was founded as a publicly traded bank in 1833.
History
The first version of the bank was founded in 1833. It was founded as a publicly traded bank in 1833 and originally housed in the Chemung Canal Bank Building.
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.https://www.stargazette.com/story/news/local/2023/09/05/how-elmira-banker-philanthropist-matthias-arnot-founded-arnot-art-museum/70698697007/
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.
The bank moved to 129 East Water Street in 1920, and then to One Chemung Canal Plaza in 1971. In 1951, the bank began expanding and opened branches throughout the Twin Tiers
The Twin Tiers are the collective counties that lie on the New York–Pennsylvania border on either side of the 42nd parallel north. The region is predominantly rural and contains many small towns.
Separately, the two halves of the Twin Tiers ...
.
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. In 2011, Ronald Bentley was president and CEO of Chemung Financial, and it had 23 full branches and assets of $1 billion. In June 2020, it had $1.5 billion in deposits, according to US federal data, and 25 locations.
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
External links
Chemung Canal Trust Company official website
Financial services companies based in New York (state) Banks established in 1833 1833 establishments in New York (state) {{US-bank-stub