Chemung Financial Corporation
Annual Report 2007
175 years of responsible banking
Our Mission & Vision
Mission
Vision
The mission of Chemung Financial Corporation is to
The vision of Chemung Financial Corporation is to be
remain a strong and independent financial services
a top performing community bank remaining true to
organization creating value for shareholders, customers,
our mission, and to become the company of choice for
employees and the communities where the bank does
customers, employees and investors.
business, while maintaining the highest standards of
business ethics. Chemung Canal is a community-
oriented, client-focused organization.
The photo on the cover is a reproduction of a painting of the Chemung
Canal as it passes through the Village of Havana, NY (now Montour
Falls.) This painting now hangs in the Montour Falls Memorial Library.
The artist is unknown. The photograph was taken by Frank Borkowski.
The canal opened in 1833, the same year as the Bank, and was
operational until 1878. During that time the Chemung Canal was one of
the lateral canals in New York State providing access to the Erie Canal
through the Cayuga and Seneca canals. It connected the Chemung River
in Elmira to Seneca Lake in Watkins Glen.
Dividend Investment and Stock Purchase Plan
Registered shareholders of Chemung Financial
Corporation, through the Dividend Investment and Stock
Purchase Plan, may invest their dividends or make
quarterly cash payments to purchase additional stock of
the Corporation. Shareholders not enrolled in the plan
may receive a descriptive brochure and authorization card
for the plan upon written request to the Corporation’s
secretary at the following address:
Chemung Financial Corporation
Attn: Corporate Secretary
P.O. Box 1522
Elmira, New York 14902-1522
www.chemungcanal.com
Form 10-K Annual Report
A copy of the Corporation’s Form 10-K Annual Report is
available without charge to shareholders after March 31,
2008 upon written request to the Corporation’s secretary.
A copy is also available on the Securities and Exchange
Commission’s website at www.sec.gov.
Annual Meeting
The Annual Meeting of Shareholders will be held on
Wednesday, May 7, 2008 at 2:00pm at the downtown
Holiday Inn, Elmira – Riverview.
Financial Highlights
(in thousands, except per share data)
Operating Results-Year Ended December 31
Net Interest Income
Provision for loan losses
Non-interest income:
Securities gains, net
Trust & Investment Services Income
Other operating income
Other operating expense
Net income
At Year End:
Assets
Loans, net of deferred fees and costs,
and unearned income
Allowance for loan losses
Deposits
Shareholders’ equity
Employees (full time equivalent)
Share And Per Share Data:
Net income
Book value, at year end
Tangible book value, at year end
Dividends declared
Shares outstanding (average)
Ratios:
Allowance to total loans
Return on average assets
Return on average Tier I Equity
Trust Assets Under Administration
(Market Value)
as Fiduciary
as Custodian
Market Prices Of Chemung Financial Corporation
Stock During Past Three Years (Dollars)
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
Dividends Paid Per Common Share By Chemung
Financial Corporation During Past Three Years
January 2
April 2
July 2
October 1
2007
$ 25,936
1,255
10
6,345
10,274
30,520
7,259
2006
$ 24,546
125
27
4,901
9,384
29,523
6,589
$ 788,874
$ 739,050
539,522
8,453
572,600
88,115
280
2.02
24.49
22.50
0.97
3,595
1.57%
0.95%
9.53%
$ 1,319,785
579,458
$1,899,243
2007
30.00 – 33.00
29.05 – 32.10
27.55 – 31.00
25.49 – 30.00
2007
0.24
0.24
0.24
0.24
0.96
477,664
7,983
585,092
82,298
293
1.81
22.78
22.09
0.96
3,642
1.67%
0.91%
8.60%
$ 991,082
492,317
$1,483,399
2006
29.50 – 30.90
29.05 – 31.75
29.40 – 32.00
31.00 – 33.75
2006
0.24
0.24
0.24
0.24
0.96
% of Change
5.66%
904.00%
-62.96%
29.46%
9.48%
3.38%
10.17%
6.74%
12.95%
5.89%
-2.14%
7.07%
-4.44%
11.60%
7.51%
1.86%
1.04%
-1.29%
33.17%
17.70%
28.03%
2005
31.00 – 34.00
31.50 – 34.00
30.50 – 32.50
29.65 – 31.50
2005
0.24
0.24
0.24
0.24
0.96
As of December 31, 2007 there were 573 registered holders of record of the Corporation’s stock. Chemung Financial Corporation common stock is inactively traded in the over-the-counter market.
The quarterly market price ranges for the Corporation’s stock for the past three (3) years are based upon actual transactions as reported by brokerage firms which maintain a market or conduct trades
in the Corporation’s stock and other transactions known by the Corporation’s management.
To Our Shareholders
2007 was a very good year for Chemung Canal in spite of
a challenging business climate for banking companies.
Net income climbed to $7.3 million representing a 10.2%
increase over 2006. Earnings per share of $2.02 were
11.6% greater than last year. With increased earnings,
the dividend was increased $.01 per quarter bringing our
annual dividend to $1.00 per share. Our return on average
assets for 2007 was 0.95% and the return on average
equity was 8.58%. These two measures were up from 2006
levels of 0.91% and 8.11%, respectively. Many factors
combined to deliver this earnings improvement.
Financial Results, Growth and Expansion
This past year, we grew our company organically and
through acquisition. It is particularly pleasing to see us
grow the old fashioned way by getting new clients and
taking great care of our existing clients. All of our
loan portfolios experienced impressive growth. On
average, our commercial loan portfolio grew $8
million or 4.2% to nearly
$200 million. Consumer loans averaged
$171 million, an increase of nearly $27 million
or 18.5%, while average mortgages increased
approximately $36 million or 31.3% to
$149 million. Equally impressive, our average
demand deposits grew 4.8% to $146 million, while total
average deposits climbed $24 million or 4.3% to nearly
$593 million. These results were driven by better execution
in seeking out new business, meeting the needs of existing
clients and providing a level of service that distinguishes
us from the competition. Our success in penetrating the
Ithaca and Tompkins County markets also contributed
significantly to our growth. We continue to be encouraged
by our success in these new markets which have proven
to be fertile ground for new loans. Our core business
remains the building of loyal, profitable relationships with
borrowers, depositors and investors so it is gratifying
to see these results. Due to our strong deposit and loan
growth, our net interest margin remained stable despite
intense competition and an interest rate yield curve that
is compressing margins for many banks. We also made
good progress in recent years reducing the level of
nonperforming assets. Strong asset quality is a major goal
and we are pleased to report that noncurrent loans have
returned to more normalized levels. Nonperforming loans
at December 31, 2007 were $3.6 million or .66% of total
loans, essentially unchanged from a year earlier but
significantly lower than 2005 levels. Our allowance for
loan and lease losses was a healthy 1.57% of loans at
year end.
Another major goal is to grow noninterest income.
Noninterest income comes from a variety of sources and
showed strong improvement in 2007. Total noninterest
income for the year was $16.6 million, an increase
of $2.3 million or 16.2% over 2006. One factor that
helped to produce higher levels of fee income was
the growth in our checking account base. Another
major contributor was the acquisition of the Partners
trust business in May. In this transaction, we acquired
nearly $350 million in trust assets and over 300 trust
relationships. In connection with this acquisition,
we established offices in downtown Binghamton
and Herkimer. Total trust assets under management
or administration now approximate $2 billion and
generated in excess of $6 million in annual revenue.
This past year, we asked our trust clients to rate us in
a variety of areas and we are pleased to say they gave
us high marks. Our disciplined approach to investing
in high quality, large cap companies that consistently
grow earnings and dividends delivered attractive returns
for our clients. It is not easy going against the tide,
but our discipline and philosophy of investing for the
long-term has been rewarding for our clients. To meet
the expanding needs of our clients, we are introducing
an open architecture platform to give clients access to
a broader array of professional money managers. The
trust and investment management business is a core
competency of Chemung Canal and we continue to look
for opportunities to expand this line of business.
As of this writing, we expect to complete the
acquisition and conversion of three branches of M&T
Bank in March; two in Broome County and one in Tioga
County. Specifically, we will be acquiring the Vestal
office on Rano Blvd., the Johnson City branch in the
Oakdale Mall and the Owego branch on Route 17C.
In total, we anticipate acquiring approximately $70
million in deposits, $15 million in loans and nearly
8,000 accounts. We are excited about this acquisition
as it expands our distribution network into a contiguous
market that lacks a hometown community bank. We
believe there are many individuals and businesses in the
Binghamton market seeking a banking alternative and
will value our brand of community banking.
Capital Management
We continue to explore ways to use our excess capital to
maximize shareholder value. We believe the acquisition
of the Partners trust business, the three M&T branches
and our share repurchase program are effective capital
management strategies and will improve shareholder value.
We continue to evaluate opportunities to use our excess
capital effectively to maximize value for our shareholders.
CanalCare Service-–Our Competitive Advantage
Last year, we created and implemented CanalCare.
CanalCare embodies our service promise to both our
external and internal clients. The implementation of
this initiative stems from our strong belief that our only
sustainable competitive advantage is the quality of
our people and the service they provide. All 300 plus
employees were trained in our service quality standards.
Service quality metrics were established and tracked.
Job descriptions were revised to reflect these standards.
Employees are evaluated based on the quality of service
they provide. CanalCare is becoming a part of the DNA
and fabric of Chemung Canal—many clients value and
appreciate our high-touch approach to banking; many
more will.
Corporate Responsibility
The news has been filled with stories about the subprime
mortgage crisis and the losses taken by banks holding
securities comprised of subprime and exotic mortgages.
We are dismayed to learn about the many individuals and
families who stand to lose their home because they were
sold a subprime or exotic mortgage and cannot afford the
mortgage payment when the rate resets. We believe that
enabling people to borrow money they cannot repay is
irresponsible. We have not, and will not, offer these types
of mortgage products. We also want you to know that we
do not hold any securities that are comprised of subprime
mortgage loans.
A Comment About Our Stock Price
As a result of the subprime mortgage crisis, financial
stocks were hit particularly hard this past year and
underperformed the market. It is not unusual for companies
in an industry in crisis to be painted with the same brush.
The KBW Bank Index, comprised of national and regional
banking institutions, declined 25.2% in 2007. The smaller,
community banking companies represented by the
NASDAQ Bank Index were down 22.1%. Despite our
strong results in 2007, Chemung Canal was off 12.5%
during the same period. By way of comparison, the
S&P 500 Index was up 3.5% for 2007. We believe our
stock is undervalued which is one reason we have a
share repurchase program in place and continue to
buy back our shares. Based on our December 31, 2007
closing price of $28.05, our current annual dividend of
$1.00 per share (recently increased by $.01 per quarter)
yields 3.6%, a very competitive return. We believe an
investment in our company should be treated as a long
term investment and, over time, our shareholders will
be rewarded.
Using New Technology to Become More Efficient
Chemung Canal Trust Company is an organization that
embraces change and new technologies to become
more efficient and productive. We are not anxious to
be the pioneer, but we will gladly adopt some proven
practices. This past year, we installed a new system in
our branches to process client transactions; we scan
transactions and transmit digital images. This initiative
has produced significant savings.
Investing in Our Future
To professionally serve our clients, we must keep our
banking facilities contemporary. The long term project
of upgrading our headquarters in Elmira is coming to
a close and our Southport, Horseheads and Waverly
offices were recently renovated and underwent a facelift.
We will continue to upgrade our facilities as needed.
With the warm reception we have received in Ithaca, we
are planning to relocate our Community Corners branch
to a free-standing building at the corner of Hanshaw and
Pleasant Grove Road, a more highly visible site a short
distance from our store front location. This office will be
equipped with drive-up windows and a drive-up ATM.
We also invest in our people and continue to provide
professional growth and training opportunities.
Product Development
We are committed to meeting the changing needs
of our clients. We recently introduced a “Remote
Deposit Capture” product that greatly enhances client
convenience—no need to come to the bank; just scan
To Our Shareholders (con’t)
our company organically, by entering new markets and
by pursuing acquisitions; (2) become more efficient; (3)
build a future management team; (4) make client service
the hallmark of our success; and (5) continue to be a
good corporate citizen.
In closing, we can tell you we know who we are and
where we want to go. We have a clear vision of our future
and a roadmap to get us there. We have the resources
and the will to remain a strong, independent and
successful community bank. In the face of unrelenting
banking industry consolidation, we strongly believe
in the need for a community bank and our business
model of responsive, local decision making and highly
personalized service is winning new clients everyday.
Our three pillars of success—execution, prudent lending
and great client service—are producing results. Our
success is a direct result of the hard work and dedication
of our staff and the valuable guidance and direction
provided by our Board of Directors. We are grateful for
their support and your commitment to our company.
Ronald M. Bentley
President & CEO
David J. Dalrymple
Chairman of the Board
and send (basically using the same technology as branch
remote capture). We also introduced a “Business Equity
Line of Credit” that allows our business clients to tap
into the equity of their business properties for business
purposes. With the advent of high deductible health
plans, we created a Health Savings Account which has
proved to be very popular.
Corporate Citizenship
Chemung Canal Trust Company has a long history of
supporting worthy causes in the communities where
we do business. Indeed, hundreds of charitable and
community organizations count on our financial help
each year. Moreover, many of our employees devote
many hours of their personal time to these organizations.
We are proud of them and the leadership role they play
in community organizations.
Retirements
This year marks the retirement of Jan Updegraff who has
served Chemung Canal Trust Company for 38 years. He
served our company with distinction and provided strong
leadership over the past decade as President and CEO.
We are glad he will continue to serve on our Board of
Directors. We are especially grateful for his assistance
in making the leadership transition go very smoothly.
Also, we wish to recognize the retirement of two long-
time employees, Joyce Murray and Carol Nolan, both of
whom served our company for 20 years. We extend our
best wishes to them in their retirement.
Celebrating Our 175th Anniversary
This year we celebrate our 175th anniversary. We
are proud of our long and rich history and we have
planned many activities and events to commemorate
this occasion. In this age of banking consolidation, how
many can boast such a claim? We believe our clients
value this longevity and stability, and we are planning to
be here for a long time to come.
Going forward, we will continue to focus our energies
on the five chief strategies we have identified to deliver
consistent and sustainable earnings growth: (1) grow
In Appreciation: Jan Updegraff
Board of Directors
In January 2008, Jan P. Updegraff retired from the bank,
after a career of nearly 38 years.
Jan began working at Chemung Canal in February
1970 after starting his banking career in 1967 at
Merchants National Bank & Trust in Syracuse, NY. His
career path entailed a number of executive positions
at Chemung Canal including: Senior Trust Investment
Officer, Executive Vice President and Chief Financial
Officer. In February 1996, he was named President
and Chief Operating Officer and in January 1998 was
named President and Chief Executive Officer. In July
2006, Mr. Updegraff was named Vice Chairman and
Chief Executive Officer as part of the
organization’s management succession
program that named Ronald M. Bentley
to the position of President and Chief
Operating Officer.
Mr. Updegraff will continue to serve
as a Director of Chemung Canal Trust
Company and Chemung Financial
Corporation, a position to which he was
first appointed in 1996.
Jan is truly the embodiment of what
a Community Banker is all about. His
extensive knowledge of banking and investment
products, his recognition of the importance of quality
customer service and his commitment to our community
have helped shape a career at Chemung Canal that has
generated positive results by all measures.
Robert E. Agan
Chairman Emeritus
Hardinge, Inc.
Ronald M. Bentley
President and Chief Executive Officer
Chemung Canal Trust Company & CFS Group, Inc.
David J. Dalrymple
Chairman of the Board
Chemung Canal Trust Company and
President
Dalrymple Holding Corporation
Robert H. Dalrymple
Vice President and Secretary
Dalrymple Holding Corporation
Clover M. Drinkwater
Partner
Sayles & Evans
William D. Eggers
Senior Counsel
Nixon, Peabody, LLP
Stephen M. Lounsberry III
President
Applied Technology Manufacturing
Thomas K. Meier
President
Elmira College
Ralph H. Meyer
President and Chief Executive Officer
Emeritus, Guthrie Healthcare System
John F. Potter
President
Seneca Beverage Corp.
Charles M. Streeter, Jr.
Retired President
Streeter Associates, Inc.
Richard W. Swan
Chairman of the Board
Swan and Sons-Morss Co., Inc.
Jan P. Updegraff
Vice Chairman
Chemung Canal Trust Company
Our History
The following is a brief summary of some of the people
and events that have helped shape our first 175 years.
1886 Matthias H. Arnot named Senior Partner.
April 9, 1833 NYS Senator John G. McDowell took
the lead in the NYS Legislature passing 132 of laws of
1833, Section One of which provided,“There shall be
established in the Village of Elmira and County of Tioga,
a bank to be called The Chemung Canal Bank.” The
charter fixed the capital of the bank at $200,000, divided
into four thousand shares of par of $50.00 each.
Tuesday, October 22, 1833 Chemung Canal Bank
opened for business. John G. McDowell, first president,
1833-1839. Assets during the year equalled $318,500.
John G. McDowell
First President of Chemung Canal Bank
1833-1839
1834 After one year in temporary quarters, Chemung
Canal Bank moved to 413-415 East Water St, which is
now the Chemung Valley History Museum.
1842-1843 John Arnot Sr. - The man that was to
exercise the greatest individual influence was elected
third president. He held that position for one year and
then became cashier. In those days the cashier was
practically the most closely associated with the bank
and was a resident manager.
1857 John Arnot Sr. - returned as Sixth President. The
Arnot family assumed private ownership of the bank for
46 years.
February 17, 1865 Converted to a National Bank
under the name of Chemung Canal National Bank of
Elmira and operated as such until 1870, at which time
reverted to state chartered status.
1873 John Arnot Sr. died in 1873 at the age of 84.
State Charter was surrendered and bank continued as a
co-partnership, a private bank. Stephen T. Arnot named
Senior Partner until his death in November of 1884.
1884-1886 John Arnot Jr. - Senior Partner. One
morning in 1884 he was opening the doors of the vault
and suddenly there was an explosion of gas that had
accumulated over the weekend. These injuries and burns
were so extensive that he was never again completely
active in business. He died November 20, 1886.
March 9, 1895 Partnership terminated and state
charter was acquired, the capital stock of the bank still
being held by the Arnot family.
June 1902 Elmira Trust Company was organized by
Matthias H. Arnot and Assoc.
March 2, 1903 Chemung Canal Trust Company
became successor to the business of the Chemung
Canal Bank and the Elmira Trust Company. Matthias H.
Arnot elected President and held this position until 1910.
Full Trust Powers received.
1908 Assets during the year equalled $5.6 million.
December 1919 Edward J. Dunn elected President.
December 13, 1920 Bank moved its main office to
new location on corner of State and Water Street.
The Bank’s second main office
State Street @ Water Street
1920-1971
July 1925 Frederick W. Swan was elected president
after Mr. Dunn retired. Mr. Swan had been a board
member since 1908. Retired as President January 25,
1950 and became Board Chairman until his death on
December 21, 1955.
1933 Celebrated the bank’s 100th anniversary. Assets
during the year equalled $12.6 million.
January 25, 1950 Clarence M. Brobst elected
President.
December 1966 William E. Clark elected President.
1969 Former Chairman of the Board Clarence Brobst
lifted the first spade of earth in the construction of a new
Chemung Canal Trust Company main office.
August 30, 1971 Current Main office at One
Chemung Canal Plaza opened.
January 1996 Jan P. Updegraff elected President and
Chief Operating Officer. Mr. Bennett became Chairman of
the Board and Chief Executive Officer.
One Chemung Canal Plaza
Opened 1971
June 1972 The 1972 flood hits the area with great
force causing much suffering and disruption in the
region. Six feet of water on the first floor of One
Chemung Canal Plaza had the office closed for much
of the summer. Many lunches were served by CCTC to
workers who were trying to clean up their businesses in
the downtown district.
May 4, 1974 The Montour National Bank merged into
Chemung Canal Trust Company.
October 21, 1974 Waverly Office located at
405 Chemung Street, Waverly opened.
December 1976 Boyd McDowell II elected President
after the retirement of William E. Clark. Mr. McDowell
was the great, great grandson of John G. McDowell, the
bank’s first president.
July 23, 1978 The first annual Chemung Canal
Elmira-Thon took place in downtown Elmira. The
community event took place for 25 years.
1983 Celebrated the bank’s 150th anniversary. Assets
during the year equalled $185.8 million.
March 1985 Chemung Financial Corporation was
formed and Chemung Canal Trust Company became a
part of the one bank holding company.
April 22, 1985 Corning Office located at 149 West
Market Street, Corning opened.
May 1988 John W. Bennett elected President and
Chief Operating Officer.
The Bank’s first insignia
January 1991 John W. Bennett elected President and
Chief Executive Officer.
June 4, 1994 The bank acquired the former Columbia
Banking Offices in Bath, Painted Post and Watkins Glen
from the Resolution Trust Company.
January 3, 1995 The bank acquired the Owego
National Bank located at 203 Main Street, Owego.
December 31,1996 Jan P. Updegraff elected
President and Chief Executive Officer. Mr. Bennett
continued as Chairman of the Board.
September 10, 2001 CFS GROUP, Inc. opened and
becomes part of the holding company of Chemung
Financial Corporation.
October 13, 2005 The Greater Binghamton
Representative Office opened at 2520 Vestal Parkway,
Vestal.
November 4, 2005 The Community Corners Office
opened at 903 Hanshaw Road, Ithaca.
May 22, 2006 The Station Office opened at 806 West
Buffalo Street, Ithaca.
July 7, 2006 David J. Dalrymple was elected
Chairman of the Board, Mr. Updegraff elected Vice Chair
and Chief Executive Officer, and Ronald M. Bentley was
elected President and Chief Operating Officer.
April 18, 2007 Ronald M. Bentley was elected
President and Chief Executive Officer.
May 3, 2007 Chemung Canal Trust Company, the
subsidiary bank of Chemung Financial Corporation,
finalized the acquisition of the trust department assets of
Partners Trust Financial Group, Inc.
September 2007 Chemung Canal Trust Company
open up a new office at 127 Court Street, Binghamton.
At that time they closed the Vestal Parkway office.
December 3, 2007 Chemung Canal Trust Company
entered into an agreement with Manufacturers and
Traders Trust Company (M&T Bank) to purchase branch
offices located at the Oakdale Mall in Johnson City,
Rano Blvd. in Vestal and 1054 Route 17C in Owego.
Company Progress
Acquisition of Partners Bank Trust Assets
Purchase of Three M&T Bank Offices
In May of 2007, we welcomed the clients from Partners
Bank Trust Department to Chemung Canal. Now,
with nearly $2 billion in assets under management
or administration, a team of highly qualified trust and
investment professionals and our commitment to
providing exemplary client service, we are confident
we can bring added value to these relationships. As
part of the acquisition, Chemung Canal opened a
Representative Office in Herkimer, NY at 219 North
Prospect St. Combined with preexisting assets under
management, ours is now one of the largest community
bank trust and investment management operations in
New York State.
New Binghamton Office
Our new downtown Binghamton office at 127 Court
Street opened last September to accommodate the
continued significant growth in staff and trust assets
under administration prompted by the purchase of
the trust assets of Partners Trust Bank. The new office
replaces our former location on the Vestal Parkway.
This office specializes in serving the newly acquired
Binghamton area trust clients as well as the professional
and business community in the greater Binghamton
area. Seven employees operate out of the Court Street
office, compared to only two employees when Chemung
Canal opened the Vestal office in October of 2005. The
Binghamton office is led by Douglas R. Johnson, CCTC
Senior Vice President and Regional Trust Executive. Mr.
Johnson joined Chemung Canal in May as part of the
trust asset acquisition from Partners Trust Bank.
At the close of 2007, Chemung Canal announced
the purchase of three M&T Bank offices located in
Johnson City, Vestal and Owego, New York. As part
of the transaction, Chemung Canal will acquire nearly
$70 million in deposits and $15 million in loans. The
transaction, which is subject to regulatory approval,
is expected to close in the first quarter of 2008. The
locations purchased by Chemung Canal include: the
Oakdale Mall Office in Johnson City, the Rano Blvd.
location in Vestal and the Rt. 17C office in Owego.
Chemung Canal expects to retain all of the employees
currently working in these branch offices.
As a full service community bank, we can offer our
newest customers a menu of products and services they
require to achieve their financial goals.
Community Commitment
As our company expands into new markets and
communities, our charitable citizenship accompanies us.
In 2007, Chemung Canal provided financial support for
the following organizations, as well as many others:
171 Cedar Arts
Arnot Art Museum
Arnot Ogden Medical Center
Better Housing of Tompkins County
Catholic Charities of Tompkins County
Cayuga Medical Center
Corning Community College
Elmira College
Habitat for Humanity
John W. Jones Museum
Pro Action of Chemung County
Saint Joseph’s Hospital Foundation
The Clemens Center
The Red Cross
Twin Tier Coalition of Learning
United Health Services of Broome County
United Way
Giving back to the communities we serve is good for
the people who live there, our customers, friends and
shareholders.
Chemung Canal Trust Company & CFS Group, Inc. Officers
EXECUTIVE MANAGEMENT TEAM
Jan P. Updegraff*
Vice Chairman
Ronald M. Bentley
President & Chief Executive Officer
John R. Battersby, Jr.
Executive Vice President, Chief Financial
Officer & Treasurer
James E. Corey III
Executive Vice President
CanalCare Executive
Melinda A. Sartori
Executive Vice President
Trust & Investment Services
Jane H. Adamy
Senior Vice President
Corporate Secretary & Trust Compliance
Richard G. Carr
Senior Vice President
Business Client Services
Michael J. Crimmins
Senior Vice President
Support Services
Louis C. DiFabio
Senior Vice President
Retail Client Services
Linda M. Struble
Senior Vice President
Human Resources
Norman R. Ward
Senior Vice President & Auditor
Michael J. Wayne
Vice President
Director of Marketing
SENIOR VICE PRESIDENTS
Elizabeth T. Dalrymple
Senior Vice President
Trust & Estate Administration
Douglas R. Johnson
Senior Vice President
Regional Trust Executive
Thomas J. Whitaker
Senior Vice President
Finance
Thomas W. Wirth, CFA
Senior Vice President
Trust Investment Services
VICE PRESIDENTS
Deborah A. Adams
Vice President
Compliance & CRA Officer
Joseph W. Ahern
Vice President
Regional Trust Officer
Yvonne L. Albee
Vice President
Trust Operations
Ronald E. Allison
Vice President
Community Relations
Judy L. Barton
Vice President
Bank Operations
Douglas F. Bissonette
Vice President
Trust & Estate Administration
Michael D. Blatt, CFA
Vice President
Trust Investment Services
Rose J. Catalano-Ilg
Vice President
Corporate Architect
Larry G. Denniston
Vice President
Regional Investment Officer
Leslie J. Distin
Vice President
Regional Trust Officer
Daniel R. Donovan
Vice President
Consumer Loans
Lucimar Foo-Siam Escudero
Vice President
Loan Review
Alex A. Gilliam
Vice President
Business Development
Marianne T. Kalec
Vice President
Real Estate Lending
Pamela A. Kelley
Vice President
Regional Trust Officer
Celeste D. Knickerbocker
Vice President
Finance
John E. Kravec
Vice President
BSA/AML Officer
Ronald W. Lesch
Vice President
Regional Commercial Loan Executive
Christopher B. Loughridge
Vice President
Trust Investment Services
Audrey Manchester
Vice President
Tri-County Regional Manager
Joseph H. Perry
Vice President
Ithaca Region
Robert M. Pichette
Vice President
Commercial Loan Manager
James D. Ripley
Vice President
Logistical Support
Robert A. Roemmelt, Jr.
Vice President
Arnot Road Office
Larry W. Rudawsky
Vice President
Retirement Services Group
Craig B. Heffner
Assistant Vice President
Commercial Lending
Scott T. Heffner
Assistant Vice President
Marketing
Megan B. Horton
Assistant Vice President
Owego Office
Mary L. Keefe
Assistant Vice President
e-Business Services
Matthew T. Keefe
Assistant Vice President
Information Technology
Michael S. Lares
Assistant Vice President
Trust Investment Services
Sandra J. Martinichio
Assistant Vice President
Trust Tax Services
John J. Sentigar
Vice President
Information Technology Manager
Eileen M. McCarthy
Assistant Vice President
Trust & Investment Administrative Services
Jacqueline L. Stevens
Vice President
Chemung County Regional Manager
Brendan P. McCormick, CFP
Assistant Vice President
Commercial Credit
ASSISTANT VICE PRESIDENTS
Michael J. Battersby
Assistant Vice President
Horseheads Office
Nancy J. Battersby
Assistant Vice President
Trust & Estate Administration
Pamela D. Burns
Assistant Vice President
Human Resources
Richard W. Carroll
Assistant Vice President
Montour Falls Office
Gary K. Earley
Assistant Vice President
Trust & Estate Administration
Christopher J. Giammichele
Assistant Vice President
Commercial Lending
Jeffrey L. Greuber
Assistant Vice President
Commercial Lending
Sandra L. Grooms
Assistant Vice President
Ithaca Office
Tina M. McGurgan
Assistant Vice President
Information Technology
Kirsten A. Moore
Assistant Vice President
Trust & Estate Administration
Joyce A. Murray*
Assistant Vice President
Deposit Operations
Mary Anne Narosky
Assistant Vice President
Business Client Services
Carol G. Nolan*
Assistant Vice President
Home Equity
Kerry L. Oetting, CPC, QPA, QKA
Assistant Vice President
Retirement Services Group
John J. Pribulick
Assistant Vice President
Business Credit Cards
Joan M. Smith
Assistant Vice President
Finance
Debra L. Stanton, CFSA
Assistant Vice President
Audit
Theresa A. Wagner
Assistant Vice President
Deposit Operations
David A. Wakeman
Assistant Vice President
Resource Recovery
Harris L. Weisman
Assistant Vice President
Information Security
ASSISTANT TREASURERS
Tina M. Bucci-Sabina
Assistant Treasurer
Real Estate Lending
Donna M. Coles
Assistant Treasurer
Elmira Heights Office
Linda Confer
Assistant Treasurer
Watkins Glen Office
Alison J. DeVita
Assistant Treasurer
Waverly Office
Karen A. Dimmick
Assistant Treasurer
Bath Office
Constance L. English
Assistant Treasurer
Corning Office
Debra A. Newcomer
Assistant Treasurer
Southport Office
Sheryl J. Scott
Assistant Treasurer
Big Flats Office
Jennifer Sczepanski
Assistant Treasurer
Community Corners Office
Jean A. Wise
Assistant Treasurer
Painted Post Office
Joan M. Wittig-Smith,
CFSA, CFAP
Assistant Treasurer
Audit
CFS GROUP, INC.
Suzann M. Koehler
Vice President
*Retired 12/31/07
Office Locations
Main Office: One Chemung Canal Plaza, Elmira
Bath: 410 W. Morris St.
Big Flats: 437 Maple St.
Binghamton Office: 127 Court St.*
Corning: 149 W. Market St.
Elmira: 628 W. Church St.
Elmira Heights: 100 W. McCann’s Blvd.
Herkimer: 219 N. Prospect St.*
Horseheads: 602 S. Main St.
Horseheads: 29 Arnot Rd.
Ithaca: The Station, 806 W. Buffalo St.
Ithaca: Community Corners, 903 Hanshaw Rd.
Johnson City: Oakdale Mall, 601-635 Harry L. Dr.**
Montour Falls: 303 W. Main St.
Owego: 203 Main St.
Owego: 1054 State Route 17C**
Painted Post: 243 N. Hamilton St.
Southport: 951 Pennsylvania Ave., Elmira
Vestal: 100 Rano Blvd.**
Watkins Glen: 318 N. Franklin St.
Waverly: 405 Chemung St.
General Information: 607-737-3711 • 800-836-3711
All locations, except Trust & Investment offices, offer 24-hour
ATM services. For office hours and a list of all Chemung Canal Trust
Company ATMs, please visit our website at chemungcanal.com.
* Trust & Investment Office
** Effective March, 2008
Member FDIC
chemungcanal.com