C H E M U N G F I N A N C I A L C O R P O R A T I O N 2 0 0 8 A N N U A L R E P O R T Another good year for Chemung Financial! Net Income Earnings Per Share Years Ended Years Ended 2006 2007 2008 2006 2007 2008 Return on Average Equity Dividends Paid Years Ended Years Ended 2006 2007 2008 2006 2007 2008 Building relationships since 1833 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 Preferred impairment writedown 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 1 July 1 October 1 As of December 31, 2008 there were 564 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. $ 2008 30,668 1,450 589 -803 6,834 10,518 33,968 8,354 2007 $ 25,936 1,255 10 – 6,345 10,274 30,520 7,259 % Change 18.24% 15.54% 5790.00% N/A 2.37% 11.30% 15.08% $ 838,318 $ 788,874 6.27% 4.76% 7.73% 14.72% -5.80% 10.36% 14.85% -5.51% -15.73% 3.09% -0.03% 565,185 9,106 656,909 83,007 309 2.32 23.14 18.96 1.00 3,594 1.61% 1.00% 11.45% 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% $1,131,802 446,569 $1,578,371 $1,319,785 579,458 $1,899,243 -14.24% -22.93% -16.89% 2008 24.35 – 28.25 25.50 – 28.25 22.15 – 26.30 19.55 – 25.10 2007 30.00 – 33.00 29.05 – 32.10 27.55 – 31.00 25.49 – 30.00 2006 29.50 – 30.90 29.05 – 31.75 29.40 – 32.00 31.00 – 33.75 2008 0.25 0.25 0.25 0.25 1.00 2007 0.24 0.24 0.24 0.24 0.96 2006 0.24 0.24 0.24 0.24 0.96 TO OUR SHAREHOLDERS Ronald M. Bentley David J. Dalrymple 2008 was an extraordinary year for your Company, the financial services industry and our nation. An unprecedented financial and credit crisis coupled with a deepening recession and turmoil in the equity markets made this one of the most challenging years in our 175 year history. I am pleased to report that we emerged from these events in a strong condition and well prepared for the challenges ahead. Financial Results For Chemung Financial Corporation, 2008 was another outstanding year. Net income for the year was $8.354 million, representing a $1.1 million or 15.1% increase over 2007. Earnings per share of $2.32 were 14.9% greater than last year. Our return on average assets for 2008 was 1.00% and the return on average equity was 9.36%, up from 2007 results of 0.95% and 8.58%, respectively. In 2008, $3.515 million in dividends were declared continuing over 100 years of uninterrupted dividend payments. These results were negatively impacted by an $803 thousand “other than temporarily impaired” (OTTI) write-down of a trust preferred security pool carried in our investment portfolio. This write-down was required by current mark-to-market accounting rules despite the fact that we continue to receive all contractual payments on the security. Excluding this write-down, our net income would have been $8.8 million — a record year. Fair value accounting rules are a hotly contested issue and the banking industry has fought vigorously for change since the application of these rules may understate the capital adequacy and strength of banking institutions. More about our financial results later. A Crisis of Historic Proportions Trouble in the housing sector precipitated an unprecedented financial and credit crisis. The nation’s housing bubble finally burst. Foreclosures and bankruptcies soared. Many banks suffered devastating losses on securities comprised of subprime and exotic mortgages, the toxic fuel driving new home construction and inflating real estate values. Some venerable blue-chip companies vanished overnight. Our government felt compelled to intervene with a $700 billion bailout package. Our bedrock system of free-market capital- ism was shaken to its foundation. The Dow Jones Industrial Average saw its worst decline since 1931, over 33%, and the last ten (10) years of investing has been dubbed the “Lost Decade.” Yields on U.S. treasury securities fell to all-time lows and the spread between treasuries and comparable maturity corporate bonds climbed to all-time highs. Clearly, there is a flight to quality and safety. Our country is in the midst of an economic downturn which may prove to be one of the longest and most severe our nation has endured. While our local economy has been largely spared to this point, signs of weakness are now present. We Are Not Immune This crisis has many ramifications. Despite our stellar financial results, our stock price fell with other financial stocks. Too often, we are painted with the same brush. We continue to feel strongly that our stock is undervalued by most historic measures. As a result of this crisis, we will likely see more regulation. We already suffer from a costly and heavy regulatory burden which reduces returns to shareholders and inhibits our ability to invest in our communities. With the increased number of bank failures, our FDIC insurance premiums will skyrocket. As a well-capitalized institution, this has been a modest, if any, expense for some time. In 2009, this is estimated to be nearly $1 million, hardly an insignificant sum. The disruption in the financial and credit markets also played a role in the write-down of a trust preferred security pool as the market for these securities essentially dried-up. We should make two other comments as it relates to this crisis. First, as we have stated many times, we have not, and will not, offer subprime or exotic mortgages, and we do not 1 hold any securities that are comprised of subprime or Alt-A mortgage loans. We continue to strive to do what is right for our clients and have always felt strongly that it is irresponsible to lend money to those who do not have the capacity to repay the debt. Second, after careful considera- tion, we chose not to participate in the U.S. Treasury’s Capital Purchase Program as we believe (1) it not to be in the best interests of our shareholders and (2) we have adequate capital to meet our short and long-range strategic plans. This crisis demonstrated that many banks lost their way and forgot their mission and roots. We are proud that we have remained steadfast to our community banking mission and sound and ethical business principles for 175 years. The decline in the equity markets will hurt us in several ways. First, our trust and investment clients saw the value of their accounts fall. We recognize that our success depends on our clients’ success and we are grateful for their patience — they understand they are investing for the long-term and resisted the temptation to sell in a panic. Second, our trust and investment revenues are directly tied to the market value of assets under management or administration so the market decline also means lower earnings for the bank. Third, we maintain a defined benefit pension plan for our employees and, due to the lower asset value of plan assets, our plan expense will increase. Lastly, our clients and employees saw the value of their 401K and other retirement plans drop — the economic and psychological benefits of wealth creation and feeling financially secure about the future are immeasurable. Finally, if past is prologue, the economic downturn which is now upon us will impact our banking business from credit quality to deposit gathering to business and consumer loan growth. Growth and Acquisitions It was a busy year on the acquisition front. In March of last year, we completed the acquisition and conversion of three branches of M&T Bank; two in Broome County and one in Tioga County. In total, we acquired nearly $65 million in deposits and $13 million in loans. This acquisition expanded our distribution network into a contiguous market that lacks a hometown community bank. We have been very well received in these markets and we are optimistic about our future success. While these counties are not growing, they are nonetheless sizeable markets and we’re getting our share of the business. We also acquired important expertise in mergers and acquisitions. In May of last year, we purchased Cascio Financial Strategies, a long-time Elmira firm providing financial planning, invest- ment and tax preparation services to over 700 clients. It has been our goal to be a full service financial services company and this acquisition greatly enhances our ability to meet these financial needs. This past December, we announced an agreement to acquire the Bank of Canton, an $80 million community bank headquartered in Canton, PA with branch offices in Troy and Towanda, PA. We are excited about expanding our footprint into northern Pennsylvania and continue the long tradition of community bank service provided by the Bank of Canton. As of this writing, we expect to complete the acquisition and conversion of the bank by May 31st. We look forward to welcoming the clients and employees of the Bank of Canton to the Chemung Canal family. These acquisitions are all examples of employing our excess capital to maximize shareholder value. Other Accomplishments Throughout the year, we celebrated our 175th anniversary. Many activities and events were held to commemorate this historic occasion. Our year-long celebration culminated with a commemorative luncheon held at our Elmira headquarters campus at which over 300 clients and friends joined in the celebration. We’re proud of our heritage and hope that our longevity and rich history is a source of pride for you as it is for us. CanalCare, our service promise to both internal and external customers, is taking root at Chemung Canal Trust Company. Great client service is at the core of everything we do and it is what distinguishes us in this crowded field of banking. We are not afraid to ask our clients to rate us and we’re pleased to report that we received high marks in the latest survey. In 2008, 96.5% of our clients rated their overall experience with Chemung Canal as “very satisfactory” or “satisfactory”, placing us in the top 20% of banks participating in this survey. Good marks but not great. We are not resting on our laurels — we want to be best in class. We continue to reconfigure our branch network to better serve our clients and to position the bank for future success. In January, we relocated our Community Corners office in Ithaca which comes in recognition of our success in this market. We continue to be encouraged by the warm reception we have received in Tompkins County and this new office greatly improves our visibility, accessibility and banking services. In February, we moved into new space at 2 the Oakdale Mall in Johnson City giving our clients a more contemporary and functional facility. Continuing our bank- ing offices upgrade program, we completed the remodeling of our Corning, Watkins Glen and Big Flats offices. To comply with new federal regulations and to counter the growing threat of identity theft, we developed and imple- mented an Identity Theft Prevention Program. In October, we sold our merchant credit card processing business and positioned our company to receive ongoing revenue. This transition to a new service provider will be seamless for our clients. Reflecting current economic conditions, commercial and consumer loan delinquencies rose and nonperforming loans increased to .80% of total loans. Nonetheless, credit quality remains strong and the loan loss reserve stands at 1.61% of total loans, a healthy ratio and higher than most of our peers. Assets at year end totaled $838 million and total share- holders’ equity was $83 million. Your Company remains well-capitalized by all regulatory standards. The market value of trust assets under management or administration at year end was $1.6 billion, down from $1.9 billion reflecting the steep decline in the equity markets. The Years Ahead We look to the future with optimism and caution. Community banks are the bright spot in all this turmoil and are the lifeblood of the cities and towns across America. We also take comfort in the knowledge that we have weathered many storms in our 175 years. We expect 2009 to be very challenging for most banking companies. An economic recession, higher expenses and margin pressure will drive earnings lower. We are well prepared for these challenges. We remain a well-capitalized, strong and healthy independ- ent community bank. We have a committed and talented staff and a highly-dedicated and capable Board of Directors to provide guidance and leadership. We also recognize that 175 years of continuous operation does not provide any guarantee for our future or convey any privilege or right — we must remain relevant, competitive and earn our clients loyalty and trust each and every day. We are grateful for the continued support of our clients, employees, shareholders and the communities we serve. David J. Dalrymple Chairman of the Board Ronald M. Bentley President & CEO We completed a long-range strategic growth plan and identified high-growth markets for future expansion. It is no secret we operate in markets that are stagnant or declining and, to grow our company, we need to expand our geo- graphic operations. We will move in a very deliberate and disciplined fashion carefully managing resources and risk. More about our Financial Results We are pleased with our financial results for 2008 and many factors contributed to this improvement: • fueled by loan growth and margin improvement, net interest income was up nearly $5 million or 18%; • with the reduction in short term interest rates and the steepening of the yield curve, our cost of interest bearing liabilities declined 86 basis points while the average yield on earning assets only declined 28 basis points, improving our net interest margin from 3.71% to 4.05%; • non-interest income, excluding the previously noted OTTI write-down, grew by $1.3 million or 8% with impressive gains in service charges and check card interchange fees; • Trust & Investment Center fee income was higher by $489 thousand primarily as a result of the acquisition of the trust relationships from Partners Trust in May of 2007; • the sale of our credit card merchant processing business and a securities gain from the VISA initial public offering contributed nearly $1 million; and • a more positively sloped yield curve afforded an opportunity to leverage the balance sheet which we accomplished with a $50 million leveraging transaction. On average, loans increased $42 million or 8% and deposits grew $57 million or 10%. We experienced growth in most of our loan portfolios with the exception of residential mortgages due to softening demand and the sale of some newly originated mortgages into the secondary market. Deposits grew in all areas as a result of continued organic growth and the aforementioned branch acquisition. 3 C e l e b r a t i n g Historical Society Exhibit 175th Anniversary Celeb During 2008 we celebrated our 175th anniver- sary with a calendar of events that was full and diverse. Some of these included: a community picnic and pops concert; a five-month exhibit on the rich and diverse history of our bank created by the Chemung County Historical Society and housed at the Chemung Valley History Museum — our first headquarters building on East Water Street; a commemorative luncheon for friends, clients and area business and political leaders; community lectures on the history of the bank and the history of our namesake — the Chemung Canal, the Waterway; and a community festival on our main office campus. We concluded our celebrations on October 22 — 175 years to the day the bank began, with a birth- day party and customer appreciation day in all of our offices and a Chemung County Chamber of Commerce reception in our main office location. 2008 was filled with fun and excitement, because of these anniversary celebrations, but through it all we remained cognizant of the reason for these events — to celebrate our history and to pay tribute to those whose support has helped sustain our organization for nearly two centuries: our employees, our customers and our shareholders. “Business After Business” 6 1 7 5 Y e a r s ! ration Luncheon A Community Festival Fourth of July Celebration at Eldridge Park G r o w i n g o u r CCTC ADDS BRANCHES IN BROOME & TIOGA COUNTIES. CFS GROUP, INC. ACQUIRES CASCIO FINANCIAL STRATEGIES. On Monday, March 17, 2008 Chemung Canal Trust In June CFS Group, Inc., one of the wholly owned Company opened new branch offices at the Oakdale subsidiaries of Chemung Financial Corporation, Mall in Johnson City, 100 Rano Blvd. in Vestal and completed the acquisition of Cascio Financial at 1054 Route 17C in Owego. The three offices were Strategies and appointed Joseph M. Cascio, Sr. Vice acquired from M&T Bank and were formerly full President and General Manager of CFS Group Inc. service branches of Partners Trust Bank. Cascio Financial Strategies, founded in November As part of the acquisition, CCTC reported the addition 1985 by Joseph and Lynn Cascio, provided financial of approximately 8,000 accounts representing nearly planning, investment and tax preparation services to $65 million of deposits and $13 million in loans. more than 700 clients in 28 states. CFS Group, Inc. Additionally, the 23 staff members at those branches was founded in 2001 as a financial services subsidiary became employees of Chemung Canal Trust Company. of Chemung Financial Corporation and offers non- traditional services including mutual funds, annuities, “We are excited about this opportunity to increase our brokerage services and insurance. presence in Broome County and expand our operation in Tioga County,” said Ronald M. Bentley, President Joe Cascio is a native of Elmira with 33 years of and Chief Executive Officer of Chemung Canal Trust investment sales and management experience. Company. “We have been pleased with the positive response we have received from those customers “This has been a win-win situation for Joe’s clients converting to Chemung Canal and we believe there and the clients of CFS Group,” said Ronald M. Bentley, are many more consumers currently in search of a President & CEO of Chemung Financial and Chemung financial institution like ours. Just as important, we Canal Trust Company. “In addition to the growth in are happy to welcome the staff from those offices and client accounts, under Joe’s leadership we’ve seen an pleased that our new customers have the opportunity expansion of our menu of products and services and to work with the same friendly, helpful and knowledge- an even greater opportunity to work with our clients able staff of professional bankers that they have been to help them achieve their financial goals.” accustomed to working with.” CFS Group, Inc. employs four and is headquartered in Chemung Canal Trust Company’s main office in downtown Elmira. 6 C o m m u n i t i e s NEW ITHACA BRANCH TO BE BUILT AT COMMUNITY CORNERS. CHEMUNG FINANCIAL ANNOUNCES THE ACQUISITION OF THE BANK OF CANTON. July 1, 2008 marked the day that the “ground was On December 17, 2008, Ron Bentley, President & CEO broken” for a new, free standing, Chemung Canal of Chemung Financial Corporation, and Kevin Rimmey, branch at Community Corners in the Village of President & CEO of Canton Bancorp, Inc. announced Cayuga Heights in Tompkins County. that Chemung Financial had agreed to purchase all of The new office, located at the corner of Hanshaw and all cash deal expected to close in the 2nd quarter of Pleasant Grove Roads, takes the place of CCTC’s 2009. Canton Bancorp, Inc. is the holding company the outstanding shares of Canton Bancorp, Inc. in an original Community Corners office, which was located for the Bank of Canton. just across the parking lot, in the Community Corners plaza. Founded in 1881, the Bank of Canton has approximate- ly $80 million in assets, including a loan portfolio “Our initial entry into Tompkins County was in October approximating $62 million and deposits of nearly $70 2005 at our former Community Corners location,” said million. Upon completion of the transaction, all three Ronald M. Bentley, President and Chief Executive of its offices, located in Canton, Towanda and Troy, PA, Officer of Chemung Canal Trust Company, “as a result will become full service branches of Chemung Canal of the wonderful reception we have received, it was Trust Company (CCTC). necessary to increase the size of this branch to meet the needs of our expanding customer base.” At the time of the announcement Mr. Rimmey said, “We are pleased to partner with a bank like Chemung The new 2,700 square feet Community Corners Canal Trust Company, a community bank that shares branch, which opened in January 2009, provides our long and rich history of providing outstanding greater visibility and access for customers and features customer service. They’ve been successful, throughout two drive up lanes and a drive up ATM. “Our their 175 year history, by developing and cultivating extensive menu of products and services, offered long term relationships with their customers. Their by a highly trained and friendly staff, has prompted financial strength, their extensive list of products and significant growth in our client base, and we believe services, including a full service trust and investment the potential for further market penetration is operation, will be a perfect fit for our customers and considerable,” Bentley said. the communities that we serve.” Mr. Bentley added, “we are excited to become a part of the Canton, Towanda and Troy communities. We look forward to meeting the financial needs of the residents of the northern tier as well as continuing the long tradition of customer service, financial strength, and good corporate citizenship, that has helped define the Bank of Canton over the past 127 years.” 7 M i s s i o n Vi s i o n The mission of Chemung Financial Corporation is to remain a strong and independent financial services organization creating value for shareholders, customers, employees and the communities where the company does business, while maintaining the highest standards of business ethics. Chemung Financial is a community-oriented, client-focused organization. The vision of Chemung Financial Corporation is to be a high-performing community bank remaining true to our mission, and to become the company of choice for customers, employees and investors, and financial services companies seeking a partner. B o a r d o f D i r e c t o r s Robert E. Agan Chairman Emeritus Hardinge, Inc. Ronald M. Bentley President and Chief Executive Officer Chemung Financial Corporation, Chemung Canal Trust Company and CFS Group, Inc. David J. Dalrymple Chairman of the Board Chemung Financial Corporation, Chemung Canal Trust Company and President Dalrymple Holding Corporation Robert H. Dalrymple Vice President and Secretary Dalrymple Holding Corporation O t h e r I n f o r m a t i o n Clover M. Drinkwater Partner Sayles & Evans William D. Eggers Senior Counsel Nixon, Peabody, LLP John F. Potter President Seneca Beverage Corp. Charles M. Streeter, Jr. Retired President Streeter Associates, Inc. Stephen M. Lounsberry III President Applied Technology Manufacturing Richard W. Swan Chairman of the Board Swan and Sons-Morss Co. Inc. Thomas K. Meier President Elmira College Ralph H. Meyer Retired President and Chief Executive Officer Guthrie Healthcare System Jan P. Updegraff Retired President and Chief Executive Officer Chemung Financial Corporation and Chemung Canal Trust Company 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, 2009 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 6, 2009 at 2:00pm at the downtown Holiday Inn, Elmira — Riverview. 8 CHEMUNG CANAL TRUST COMPANY & CFS GROUP, INC. OFFICERS Judy L. Barton Bank Operations Jacqueline L. Stevens Branch Administration Debra L. Stanton, CFSA Audit EXECUTIVE MANAGEMENT TEAM 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, Chief Risk Officer & CanalCare Executive Melinda A. Sartori Executive Vice President Trust & Investment Services Jane H. Adamy Senior Vice President, Corporate Secretary & Trust Compliance Officer 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* Senior Vice President & Director of Marketing SENIOR VICE PRESIDENTS Elizabeth T. Dalrymple Trust & Estate Administration Douglas R. Johnson Regional Trust Executive Thomas J. Whitaker Finance Thomas W. Wirth, CFA Trust Investment Services VICE PRESIDENTS Deborah A. Adams Compliance & CRA Joseph W. Ahern Regional Trust Officer Yvonne L. Albee Trust Operations Ronald E. Allison Community Relations Celeste D. Knickerbocker Finance Scott T. Heffner Marketing Douglas F. Bissonette Trust & Estate Administration Michael D. Blatt, CFA Trust Investment Services Rose J. Catalano Corporate Architect Catherine B. Crandall Trust & Estate Administration Larry G. Denniston Regional Investment Officer Leslie J. Distin Regional Trust Officer Daniel R. Donovan Consumer Loans Lucimar Foo-Siam Escudero Loan Review Alex A. Gilliam Business Development Marianne T. Kalec Real Estate Lending Pamela A. Kelley Regional Trust Officer John E. Kravec BSA/AML Officer Ronald W. Lesch Regional Commercial Loan Executive Christopher B. Loughridge Trust Investment Services Audrey Manchester Branch Administration Brendan P. McCormick Commercial Credit Joseph H. Perry Ithaca Region ASSISTANT VICE PRESIDENTS Michael J. Battersby Horseheads Branch Manager Nancy J. Battersby Trust & Estate Administration Pamela D. Burns Human Resources Theresa A. Wagner Deposit Operations David A. Wakeman Resource Recovery ASSISTANT TREASURERS John H. Brand** Trust Investment Services Richard W. Carroll Watkins Glen Branch Manager Donna M. Coles Elmira Heights Branch Manager Gary K. Earley Trust & Estate Administration Alison J. Conklin-DeVita Waverly Branch Manager Constance L. English Corning Branch Manager Deborah A. Cram Southport Branch Manager Christopher J. Giammichele Commercial Lending Cheryl A. DeBlock Vestal Branch Manager Jeffrey L. Greuber Commercial Lending Karen A. Dimmick Westside (Elmira) Branch Manager Sandra L. Grooms The Station (Ithaca) Branch Manager Craig B. Heffner Commercial Lending Megan B. Horton Owego Branch Manager Jennifer DiTomasso Bath Branch Manager Tina M. Sabina Real Estate Lending Sheryl J. Scott Big Flats Branch Manager Jennifer Sczepanski Community Corners (Ithaca) Branch Manager Mary L. Keefe e-Business Services Todd N. Trencansky Tioga (Owego) Branch Manager Matthew T. Keefe Information Technology Charolette R. Truxal Oakdale Mall Branch Manager Michael S. Lares Trust Investment Services Sheila A. Washburn Bank Operations Sandra J. Martinichio Trust Tax Services Linda L. Wead Montour Falls Branch Manager Eileen M. McCarthy Trust & Investment Administrative Services Robert M. Pichette Commercial Lending Manager Tina M. McGurgan Information Technology Ronald W. Poole Commercial Lending James D. Ripley Logistical Support Robert A. Roemmelt, Jr. Arnot Road Branch Manager Larry W. Rudawsky Retirement Services Group John J. Sentigar Information Technology Manager Mary Anne Narosky Business Client Services Debra A. Newcomer Main Office Branch Manager Kerry L. Oetting, CPC, QPA, QKA Retirement Services Group John J. Pribulick Business Credit Cards Joan M. Smith Finance Jean A. Wise Painted Post Branch Manager Joan M. Wittig-Smith, CFSA, CFAP Audit CFS GROUP, INC. Joseph M. Cascio, Sr. Vice President & Group Manager *Elected Senior Vice President 1/21/2009 **Elected Assistant Treasurer 2/18/2009 OFFICE LOCATIONS Main Office: One Chemung Canal Plaza, Elmira Bath: 410 W. Morris St. Big Flats: 437 Maple St. Binghamton Office: 127 Court St. Canton, PA: 5 West Main 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: Arnot Road 29 Arnot Rd. Ithaca: The Station, 806 W. Buffalo St. Ithaca: Community Corners, 909 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 Towanda, PA: 304 Main St.** Troy, PA: 410 Canton St.** Vestal: 100 Rano Blvd. Watkins Glen: 318 N. Franklin St. Waverly: 405 Chemung St. GENERAL INFORMATION 607·737·3711 800·836·3711 chemungcanal.com 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 May 31, 2009 Member FDIC Equal Housing Lender Building relationships since 1833