7.75% fixed-to-floating rate subordinated notes due June 15, 2035
Note · Chemung Financial Corporation
Reference: 7.75% fixed-to-floating rate subordinated notes due June 15, 2035
- Original principal
- USD 45,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- Jun 15, 2035
Last reported interest terms: 7.75% From June 15, 2030 to the June 15, 2035 maturity date, the interest rate will adjust to a floating rate equal to a benchmark rate which is expected to be the then-current three-month term SOFR plus 415 basis points, payable quarterly. Reported 2026-03-13 Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
Documents and filing history
- Issuance · 10-K · 2026-03-13 — 10-K
-
Issuance
· 2025-06-10
Original principal USD 45,000,000 Exact source document
Parent 10-K filing · 2026-03-13
On June 10, 2025, the Corporation issued $45.0 million of 7.75% fixed-to-floating rate subordinated notes due June 15, 2035 in a private offering (the "Notes"). The Notes bear interest at a fixed rate of 7.75% per year, payable semi-annually, for the first five years. From June 15, 2030 to the June 15, 2035 maturity date, the interest rate will adjust to a floating rate equal to a benchmark rate which is expected to be the then-current three-month term SOFR plus 415 basis points, payable quarterly. The subordinated notes were $44.0 million as of December 31, 2025.
Issuer evidence: In this Annual Report on Form 10-K, the terms “the Registrant,” “the Corporation,” “we,” “us,” and “our,” generally refer to Chemung Financial Corporation and its wholly owned subsidiaries collectively, except where the context indicates otherwise.
Supporting evidence: On June 10, 2025, the Corporation issued $45.0 million of 7.75% fixed-to-floating rate subordinated notes due June 15, 2035 in a private offering (the "Notes"). The Notes bear interest at a fixed rate of 7.75% per year, payable semi-annually, for the first five years. From June 15, 2030 to the June 15, 2035 maturity date, the interest rate will adjust to a floating rate equal to a benchmark rate which is expected to be the then-current three-month term SOFR plus 415 basis points, payable quarterly. The subordinated notes were $44.0 million as of December 31, 2025.