Financial Highlights
(in thousands, except per share data & employee count)
Operating Results – Year Ended December 31:
Net interest income
Provision for loan losses
Other operating income:
Securities gains, net
Wealth Management Group fee income
Other income
Other operating expenses:
Legal accruals and settlements
Other expenses
Income tax expense
Net income
At Year End:
Assets
Loans, net of deferred loan fees
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 for loan losses to total loans
Return on average assets
Return on average equity
Return on average tangible equity
% of
Change
0.2%
88.6%
N/A
2.0%
(23.3)%
(100.0)%
(0.1)%
(14.3)%
(20.5)%
1.9%
(0.2)%
23.9%
0.2%
10.7%
(3.2)%
(20.9)%
9.9%
12.0%
0.8%
2019
$60,611
5,945
19
9,503
10,551
55,696
3,434
$15,609
2018
$60,480
3,153
9,317
13,757
989
55,777
4,009
$19,626
$1,787,827
1,309,219
23,478
1,572,138
182,627
362
$1,755,343
1,311,906
18,944
1,569,237
165,029
374
3.21
37.35
32.74
1.04
4,869
1.79%
0.88%
8.86%
10.18%
4.06
33.99
29.22
1.04
4,832
1.44%
1.14%
12.76%
15.07%
Trust Assets Under Administration (market value):
as Fiduciary
as Custodian
$1,548,560
366,757
$1,915,317
$1,411,564
356,615
$1,768,179
9.7%
2.8%
8.3%
Common Stock Market Prices & Dividends Paid During Past Two Years:
December 31, 2019
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
High
Low
Dividends
$46.04
49.00
49.96
48.36
$41.60
39.00
44.80
39.69
$0.26
0.26
0.26
0.26
December 31, 2018
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
High
Low
Dividends
$44.52
51.69
52.99
50.24
$38.50
41.02
46.01
42.50
$0.26
0.26
0.26
0.26
As of February 29th, 2020 there were 482 registered holders of record of the Corporation’s stock.
Letter to Shareholders
2019 Annual Report
Fellow Shareholders:
We appreciate the opportunity to
share the results of Chemung Financial
Corporation during
the past year.
2019 was a year of mixed results but
concluded with net income of $15.6
million, or $3.21 per share, which
represented the second highest level
of earnings in our company’s 186-year
history. These outcomes have improved
our capital position to record highs. Many
quantitative factors have contributed
to these results: the bank’s low cost
of deposits; a record high net interest
income; ongoing emphasis on improving
our efficiency ratio; and continuing
increases
income generated
from our Wealth Management Group.
in fee
dividend payments of $1.04 per share,
in 2019. Additionally, all of our capital
ratios exceed
regulatory standards
and our banking regulators recognize
institution.
us as a well-capitalized
Overall, our company’s balance
sheet increased 1.9%, or $32.5 million,
during 2019, to $1.8 billion. Year over
year, net
loans remained relatively
stable totaling $1.3 billion, as principal
pay downs nearly equaled the $280
million in new loan production. Total
cash and cash equivalents decreased
by $8.1 million, while the Corporation’s
investment securities portfolio increased
by $40.3 million, or 16.2%, in 2019, as
we managed liquidity needs against the
opportunity for higher yields earned on
to
for
required
This past year also
meaningful
provided
including
challenges
the previously disclosed
our
provisions
loan
allowance
losses
for
two commercial credit
relationships that resulted
in one-time, pre-tax, $6.1
million, charges to our
earnings. As a
result,
our year-end net income
missed our expectations.
This, however, does not
positive
the
diminish
2019.
of
activities
has
been the case for our
186-year tenure, we remain steadfastly
committed
Community
Banking philosophy. Our success is
directly correlated to an overarching
commitment to our stakeholders: the
shareholders, clients, colleagues and
communities who we proudly assist. This
philosophy is deeply embedded in our
Corporation’s core values. Ultimately,
our ability to provide sustainable value
to all of these important constituents
is how we measure our success.
Our Results
Moreover,
our
as
to
increased our
As noted earlier, our consolidated
net income for 2019 totaled $15.6
total
million. This
shareholder’s equity by 10.7%
to
$182.6 million at December 31, 2019
compared to $165.0 million at the
beginning of the year. Our earnings
resulted in a 0.88% Return on Average
Assets (ROAA) and an 8.86% Return
on Average Equity (ROAE). Our capital
grew significantly even as we continued
our long tradition of uninterrupted cash
“Our success is directly correlated to
an overarching commitment to our
stakeholders: the shareholders, clients,
colleagues and communities
who we proudly assist. ”
our investments. Total deposits rose
slightly, increasing by $2.9 million to
$1.6 billion at December 31, 2019. The
continued strengthening of our liquidity
position supports our expectations
lending during 2020.
for
increased
In 2019, we experienced an eight
basis point decrease in the bank’s net
interest margin, fully taxable equivalent.
Given the Federal Reserve’s pattern of
interest rate adjustments, four increases
in 2018 and three decreases in the
second half of 2019, management of
the bank’s net interest margin remains
a top priority. This has been especially
challenging in this year of declining rates,
as interest rates on adjustable loans tend
to reprice more rapidly than deposits.
This year, the total average yield on the
bank’s loan portfolio increased by 11
basis points to 4.50%, however the total
average cost of interest bearing deposits
increased by 25 basis points to 0.56%.
Throughout the bank’s footprint,
there remains intense competition for
loan originations, which has resulted
for
in very competitive pricing for new loan
activity. At the same time, credit union
and other banks’ CD and money market
specials generate pricing pressure on
the funding side of the balance sheet.
Despite the reduction in the bank’s
net interest margin, our net interest
income during 2019 totaled $60.6
million, which is approximately $131
thousand more than the prior year.
This was also a year of balance
sheet management as we prepare for
the future growth of the company. In
particular, we realigned our commercial
loan concentrations by increasing our
commercial & industrial loan balances
while decreasing
the outstanding
non-owner occupied commercial real
estate loan portfolio. This
change, combined with
the positive results of our
management
liquidity
providing
strategy,
is
a pathway
future
growth. This is especially
in our Capital
evident
division, where
Bank
we continue
to serve
as one of the region’s
top commercial
lending
institutions. At December
31, 2019, the Capital Bank
commercial
division’s
loan
totaled
$647.5 million which was
73.7% of our bank’s total
commercial loan portfolio.
Throughout the year, there was
appropriate focus on the credit quality
of our loan portfolios. At year-end, our
nonperforming
loans
ratio increased from 0.93% to 1.38%,
and our nonperforming assets to total
increased from 0.73%
assets ratio
increases
to 1.04%. While
are disappointing,
largely
attributable to the two commercial credit
relationships,
previously disclosed,
which prompted a $6.1 million, pre-
allowance.
tax,
reserve
At year-end, our commercial loan
portfolio accounted for nearly 68% of
our total loan portfolio. Based on this
growth and the increasing complexity of
the loans that the bank now originates,
we added a Chief Credit Officer to
our Executive Management team. In
September, we recruited Peter Cosgrove
to join the bank in this newly created
position. Peter is a seasoned banking
professional with significant
lending
and senior management experience at
both big and small financial institutions.
these
they are
loans to total
portfolio
specific
This addition will strengthen the credit process and improve
the efficiency of delivering capital to our clients. And, it will
streamline origination activities and provide additional
oversight and diligence to our commercial lending processes.
We also expect that this addition will enhance our broader
credit review, collection and risk management functions.
The bank’s Wealth Management Group (WMG) continues
to grow in impact for our clients and its financial results are
positively affecting our bottom line. The market value of
assets under management or administration increased by
8.3% during the last year and totaled $1.9 billion at December
31, 2019. A broader increase within the securities markets
boosted these results, as well as significant new account
relationships throughout our three core WMG businesses.
WMG fee income for 2019 totaled $9.5 million, nearly $200
thousand more than the previous year.
Our Platform
Our distribution channels continue to evolve as clients’
demand for these services expand through their use of our
digital platforms, while visiting our traditional branches less
frequently. Industry statistics indicate that approximately
40% of bank customers never visit a branch office and our
experience parallels that. This changing dynamic necessitates
a near continual evaluation of product and service delivery
and requires thoughtful adjustments to our staffing levels
and office hours. We
maintain a consistent
top
goal of providing
tier client experience
whenever these changes
are contemplated.
This year, we again
significant
executed
changes to our branch
network. Over the past 14
months, we consolidated
traditional branch
two
in
(located
offices
Johnson City and Painted
Post). We are pleased
our client retention after
consolidation has been
very high. And, in January
2020, we announced
that we would be closing our Towanda, PA branch office,
effective April 30th.
In 2019, we continued to invest in digital improvements to
our offerings with upgrades to our mobile banking & mobile
deposit applications, online account origination, as well as
many of our fraud and security controls. In 2020, we will be
focusing on data analytics for our clients and prospects as
well as “end to end” digital loan processing. Of significant
importance
in 2020, we will continue our thoughtful
investment in anti-fraud and security enhancements. While
traditional banking through branch offices will never go away, it
is essential that we remain keenly attentive to the expectations
of our clients as we evaluate future opportunities to be more
efficient and enhance the client experience.
Looking forward, we are diligently evaluating operational
and structural efficiencies to create cost savings and
streamline productivity. During the past year, we completed
numerous efficiency improvements to our banking platforms.
We transitioned our core systems from in-house to an
outsourced environment, hosted by Fiserv. In addition, we
consolidated our data and phone communications across
the entire footprint. This conversion maximizes efficiency,
speed and disaster recovery capabilities through one,
industry-recognized vendor. We also
implemented and
expanded robotic automation again improving the efficiency
of the Corporation and mitigating risk. This year, we engaged
an efficiency expert to streamline and create efficiencies,
reduce risk, and improve the client experience. This effort
was a major undertaking that solicited bank wide input and
developed a forward-looking plan to create consistency,
minimize the duplication of effort, and accelerate the adoption
of procedural changes.
Through these many initiatives, we anticipate short-term
and long-term benefits through increased fee income, cost
savings, productivity improvement, and the diminution of
risk. We are starting to see the benefit of these efforts as the
number of our full-time equivalent employees has decreased
from 374 at December 31, 2018 to 362 at December 31,
2019.
Market Developments
During 2019, there was a noticeable increase in M&A
(mergers and acquisitions) activity within the banking industry,
including markets within our footprint. After many years of
inactivity, several smaller, long tenured institutions elected to
merge with larger, out-of-market financial institutions in 2019.
These transactions often create disruption within a community.
As in the past, we will consider strategies to capitalize on these
changes as we focus our customer acquisition tactics on
quality clients that are searching for a new financial institution.
We recognize that the
growth of our franchise,
either organically, through
through
expansion or
acquisition, are important
strategic
opportunities.
This growth can leverage
our institutional overhead,
and
provide
pricing
advantages,
management expertise,
as well as expand the
impact of our
positive
community
unique
model.
banking
believe
We
our
and
could help
execution
that
institutions
other
are looking for a partner
where our brand of banking would make a positive difference.
Our Communities
strongly
proficiency
product
Throughout our history, an important part of our success
has been our immense commitment to the communities
we serve. On a daily basis, our employees are serving as
volunteers in a variety of not-for-profit organizations that are
making an important difference in the lives of our clients,
families, friends and neighbors. It is encouraging to see them
accept leadership roles, helping direct meaningful efforts that
positively influence the quality of life for so many. The efforts
of our employees help supplement our corporate contribution
and sponsorship budgets. The results from the combination
of all three of these community outreach efforts provides a
lasting positive force in the cities, towns and villages that we
serve.
Our Leadership Team
There have been important leadership changes within the
past year that are notable to report. As mentioned earlier, Peter
Cosgrove joined our company this past September. He joined
the bank as Chief Credit Officer and, upon the retirement
of Karen Makowski in December, he assumed the role of
Chief Risk Officer as well. With more than three decades of
banking experience, Peter has the expertise, stature and
respect to make a positive impact at our bank through these
“We continued our investment in
our communities and provided
sophisticated and reliable financial
services and products for our
clients across our broad footprint.”
Today, we look forward to the promise of an exciting future for
New York State’s oldest locally-owned and managed community
bank. We have developed a rigorous plan of initiatives that focuses
on delivering exceptional client service, finding efficiencies in
our platform, executing on our technology plan, and prudently
managing risk. As always, we remain committed to our community
banking philosophy that is paramount to our future success.
Thank you for your continued confidence and support of our
company.
Anders M. Tomson
President & CEO
David J. Dalrymple
Chairman of the Board
two important positions. As Chief Risk Officer, Peter replaces Karen
Makowski who created our enterprise risk management operation and
served as its leader throughout her eight year tenure with our bank.
We extend our thanks and best wishes to Karen upon her retirement.
In addition, the May 2020 annual shareholders’ meeting will
mark the end of the term of Bruce Boyea, who joined the Chemung
Canal and Chemung Financial Boards in 2011. During his tenure on
the Board, Bruce’s business acumen, advocacy for the bank, and
his significant community involvement, both in Broome County and
throughout New York State, has proven invaluable to our company.
We extend our thanks and appreciation for his commitment of time
and energy to help us grow and flourish. Bruce’s departure follows
the recent retirement of another Director, Kevin Tully. While Kevin’s
tenure on the Board was short, his understanding of banking issues,
his accounting and tax expertise, and his friendly demeanor are surely
missed.
In Conclusion
2019 was certainly an eventful year. We again executed the
community banking strategies that are the hallmark of our great
company. We continued our investment in our communities and
provided sophisticated and reliable financial services and products
to our clients across our broad footprint. We accomplished these
results always with the preeminent consideration of our shareholders’
interests. We are thankful for their investment and confidence in our
bank.
Board of Directors
Annual Meeting : The Annual Meeting of Shareholders will
be held on Wednesday, May 13, 2020, at 2:00 p.m. at the
downtown Holiday Inn, Elmira – Riverview.
Anders M. Tomson
President & CEO
Chemung Financial Corporation,
Chemung Canal Trust Company,
& CFS Group, Inc.
David J. Dalrymple
Chairman of the Board
Chemung Financial Corporation,
Chemung Canal Trust Company,
& CFS Group, Inc.
President
Dalrymple Gravel & Contracting
Larry H. Becker
Chief Operating Officer
The Windsor Companies
Ronald M. Bentley
Retired President & CEO
Chemung Financial Corporation,
Chemung Canal Trust Company,
& CFS Group, Inc.
Bruce W. Boyea
Chairman & CEO
Security Mutual Life Insurance
Co. of New York
Stephen M. Lounsberry III
President
Applied Technology
Manufacturing Corporation
David M. Buicko
President & CEO
Galesi Group
Robert H. Dalrymple
Vice President & Secretary
Dalrymple Holding Corporation
President
Seneca Stone Corporation
Vice President
Chemung Contracting Corporation
Denise V. Gonick
Strategic Advisor
Jeffrey B. Streeter
President
Streeter Associates
Richard W. Swan
Retired Chairman of the Board
Swan and Sons-Morss Co., Inc.
G. Thomas Tranter Jr.
President
Corning Enterprises
(Retired 3/31/2020)
Thomas R. Tyrrell
Vice President
Rose & Kiernan, Inc.
Executive Management Team
Anders M. Tomson
President &
Chief Executive Officer
Pamela D. Burns
Senior Vice President
Human Resources
L. Dale Cole
Executive Vice President
& Chief Information Officer
Peter K. Cosgrove
Executive Vice President
& Chief Credit Officer
Louis C. DiFabio
Executive Vice President
Business Client Services
Daniel D. Fariello
President
Capital Bank Division
Kimberly A. Hazelton
Executive Vice President
Retail Client Services
Karl F. Krebs
Executive Vice President
& Chief Financial Officer
& Treasurer
Karen R. Makowski
Executive Vice President
& Chief Risk Officer
(Retired 1/2/2020)
Kathleen S. McKillip
Assistant Vice President
& Corporate Secretary
Duane W. Mittan
Vice President
& Chief Auditor
Michael J. Wayne
Senior Vice President
Marketing
(Retired 3/31/2020)
Thomas W. Wirth
Executive Vice President
Wealth Management Group
Dividend Reinvestment and Stock Purchase Plan:
Registered shareholders of Chemung Financial
Corporation, through The Dividend Reinvestment
and Stock Purchase Plan, may reinvest their
dividends or make quarterly cash payments to
purchase additional stock of the Corporation.
Shareholders not enrolled in the plan may view
and print a descriptive brochure and enrollment
form at www.astfinancial.com or receive the
plan documents upon written request to the
Corporation’s Secretary at the following address:
Chemung Financial Corporation, Attn: Corporate
Secretary, P.O Box 1522, Elmira, NY 14902-1522.
Capital Bank Division
Advisory Board
Raimundo Archibold Jr.
Managing Director
Schwartz Heslin Group
Raymond Kinley Jr.
Retired President & CEO
Clough Harbour & Associates
Carl Becker
Vice President & Counsel
The Windsor Companies
Kenneth Brownell
Managing Director
Vanguard-Fine, LLC
Paola Horvath
Owner
Orange Theory Fitness
Gerald Jennings
Former Mayor
City of Albany
Dave Jersen
CEO
Jersen Construction Group
Spencer Jones
Executive
Dawn Homes Management
John Maloy
Managing Partner
James H. Maloy, Inc.
Dr. Lee McElroy
Director of Athletics
& Associate Vice President
Rensselaer Polytechnic Institute
Mark Rosen
President
Dawn Homes Management
Jacqueline Rosetti-Falvey
President
Rosetti Properties
Dean Rueckert
Past President
Rueckert Advertising
Edward Trombly
Partner
Barclay Damon
Forward-looking Statements: This discussion contains
forward-looking
statements within the meaning of Section 27A of the Securities Act, Section 21E
of the Exchange Act, and the Private Securities Litigation Reform Act of 1995.
The Corporation intends its forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements in these sections. All statements
regarding the Corporation’s expected financial position and operating results,
the Corporation’s business strategy, the Corporation’s financial plans, forecasted
demographic and economic trends relating to the Corporation’s industry and
similar matters are forward-looking statements. These statements can sometimes
be identified by the Corporation’s use of forward-looking words such as “may,”
“will,” “anticipate,” “estimate,” “expect,” or “intend.” The Corporation cannot
promise that its expectations in such forward-looking statements will turn out to
be correct. The Corporation’s actual results could be materially different from
expectations because of various factors, including changes in economic conditions
or interest rates, credit risk, difficulties in managing the Corporation’s growth,
competition, changes in law or the regulatory environment, including the Dodd-
Frank Act, and changes in general business and economic trends. Information
concerning these and other factors can be found in the Corporation’s periodic
filings with the SEC, including the discussion under the heading “Item 1A. Risk
Factors” in the Corporation’s 2019 Annual Report on Form 10-K. These filings
are available publicly on the SEC’s website at www.sec.gov, on the Corporation’s
website at chemungcanal.com or upon request from the Corporate Secretary at
(607) 737-3746. Except as otherwise required by law, the Corporation undertakes
no obligation to publicly update or revise its forward-looking statements, whether
as a result of new information, future events or otherwise.
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, 2020, upon written
request to the Corporation’s secretary. A copy is also available on our Transfer
Agent, American Stock Transfer & Trust Company’s website at www.astproxyportal.
com/ast/01079.
Serving
13 Counties
in Two States
Bank Officers
Senior Vice Presidents
Vice Presidents
Timothy Rubery
Small Business Lending
Joseph Tascone
WMG Investment Services
Thomas Whitaker
Finance
Catherine Crandall
WMG Estate Administration
Marianne Kalec
Retail Lending
Christopher Kelly
Retirement Services
Jeffrey Kenefick
Commercial Lending
Mark Lasch
WMG Regional Manager
Mary Meisner
Regulatory Risk
J. Edmond Morton IV
WMG Regional Manager
Yvonne Albee
Regulatory Risk
Dawn Aubin
Auburn & Seneca Falls
Roberta Bastow
Commercial Lending
Michael Battersby
Support Services
Kellea Bauda
Business Development
Michael Blatt
WMG Investment Services
Peter Capozzola
WMG Investment Services
Marci Cartwright
CFS Group, Inc.
Bryce Cutler
Business Development
Mark Fife
Commercial Lending
Yvette Francisco
Loan Review
Victoria Harkins
WMG Prestige Banking
Kevin Harrigan
Commercial Lending
James Hartle
Branch Administration
Scott Heffner
Marketing
Mary Keefe
Business Services
John Kite
Special Assets
James Kresge
Commercial Credit
Danielle Krisko
Business Client Services
D. Tavis McKeon
E-Retail
Mary Anne Narosky
Business Client Services
Nino Pellegrino
Business Development
Jennifer Sczepanski
Branch Administration
John Sentigar
Information Technology
Andrea Seymour
Logistical Support
John Shea
WMG Relationship Manager
Gregory Stewart
WMG Sr. Relationship Manager
Frank Vassallo
Finance
Sheila Washburn
ATM & Card Services
Assistant Vice Presidents
Assistant Treasurers
Kimberly Bailey
Canton & Troy
Laura Bennett
Real Estate Lending
Bruce Boughton
Montour Falls & Watkins Glen
Kevin Brimmer
WMG Investment Services
Gregory Bruno
Clifton Park & Schenectady
David Carlson
Elmira Heights
Maureen Clarke
State St. & Slingerlands
Christopher Coletta
Commercial Loans
Pamela Colomaio
Bath
Alison Conklin-DeVita
Southport & Westside
Joel Crimmins
Commerical Loans
Jennifer Cruise
WMG Support Services
Shelby Fay
WMG Investment Services
Sandra Grooms
Elmira Rd. & Ithaca Station
Michael Hart
WMG Estate Administration
Amy Howell
Consumer Lending
Tara Humphrey
Loan Operations
Matthew Keefe
Regulatory Risk
Sanya Lam
Latham & Wolf Rd.
Andrea McClure
WMG Tax Services
Patrick McFarland
Regulatory Risk
Julianne Meeker
Computer Operations
Jack Narosky
BCSG Relationship Manager
Michael Novotny
Branch Administration
Brenda Praschunus
Arnot Rd. & Big Flats
Monica Ridosh
Human Resources
Sheryl Scott
Corning
Heidi Wahl
WMG Estate Administration
Patrick Ward
WMG Presitge Banking
Tracey Wardwell
Wilton
Sue Williams
Waverly
Kristen Woodward
E-Retail
Lauren Zell
WMG Retirement Services
Ann Burns
Special Assets
Dena Carrigan
Elmira Heights
Sarah Darling
Owego & Tioga
Austin Farrell
Horseheads
Judith Frisk
Westside
Noelle Gilchrist
Treasury Management
Tonya Johnson
Regulatory Risk
Barbara Keller
Consumer Lending
Alice Kiser
Bank Operations
Megan Kozdemba
Real Estate Lending
Aimee O’Connor
Towanda
Andrew Stockwell
Community Corners & Cortland
Megan Thomson
Main Office
Charolette Truxal
Vestal & Binghamton
Sarah Vergason
Computer Operations
Devin Wandell
WMG Estate Administration
Cortni Wickham
Credit Department
Sarah Williamson
Contact Center
Tyler Wilson
Regulatory Risk
Heidi Wood
Resource Recovery
*Listing as of February 28, 2020*
Serving
13 Counties
in Two States
Bank Anywhere, Anytime.
ALBANY
132 State St., Albany
65 Wolf Rd., Albany
581 Loudon Rd., Latham
1365 New Scotland Rd., Slingerlands
BRADFORD
5 W. Main St., Canton
304 Main St., Towanda*
159 Canton St., Troy
*Towanda branch will be closing 4/30/2020*
BROOME
127 Court St., Binghamton
100 Rano Blvd., Vestal
CAYUGA
110 Genesee St., Auburn
185 Grant Ave., Auburn
CHEMUNG
437 Maple St., Big Flats
One Chemung Canal Plaza, Elmira
628 W. Church St., Elmira
100 W. McCann’s Blvd., Elmira Heights
29 Arnot Rd., Horseheads
602 S. Main St., Horseheads
951 Pennsylvania Ave., Southport
CORTLAND
1094 Highway 222, Cortland
SARATOGA
25 Park Ave., Clifton Park
3057 Route 50, Saratoga Springs (Wilton)
SCHENECTADY
2 Rush St., Schenectady
SCHUYLER
303 W. Main St., Montour Falls
318 N. Franklin St., Watkins Glen
SENECA
54 Fall St., Seneca Falls
STEUBEN
410 W. Morris St., Bath
149 W. Market St., Corning
TIOGA
203 Main St., Owego
1054 St. Rte. 17C, Owego
405 Chemung St., Waverly
TOMPKINS
909 Hanshaw Rd., Ithaca
304 Elmira Rd., Ithaca
806 W. Buffalo St., Ithaca
chemungcanal.com capitalbank.com