Chemung Financial Corp 8-K, filed Jan 28, 2020
Chemung Financial Corp (CHMG)
About this 8-K
Chemung Financial Corp filed this 8-K on January 28, 2020, reporting on events of January 27, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): January 28, 2020 (January 27, 2020)
CHEMUNG FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in Charter)
| New York | 0-13888 | 16-1237038 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| One Chemung Canal Plaza, Elmira, NY 14901 |
| (Address of Principal Executive Offices) (Zip Code) |
(607) 737-3711
(Registrant's telephone number, including area code)
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol | Name of exchange on which registered |
| Common stock, par value $0.01 per share | CHMG | Nasdaq Stock Market LLC |
Item 8.01. Other Events.
On January 27, 2020, Chemung Financial Corporation (“the Corporation”) announced that Chemung Canal Trust Company (“the Bank”), the wholly-owned subsidiary of the Corporation has filed a notification with the New York State Department of Financial Services (“NYSDFS”) and the Federal Reserve Bank of New York (“FRBNY”), that the Bank intends to close its Towanda, Pennsylvania branch office at 304 Main Street, Towanda, PA 18848, on or about April 30, 2020. The Bank will continue to serve Bradford County with its offices located in Canton and Troy, as well as the nearby Waverly Office.
As of December 31, 2019, the Corporation recognized a $300 thousand write down of the Towanda, Pennsylvania property. The closure is subject to customary conditions and contingencies including the non-objection of the FRB and NYSDFS, among others.
The press release is furnished as Exhibit 99.1 to this report.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No.
99.1 Press Release of Chemung Canal Trust Company dated January 28, 2020.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CHEMUNG FINANCIAL CORPORATION | ||
| Date: January 28, 2020 | By: | /s/ Karl F. Krebs |
| Karl F. Krebs | ||
| Chief Financial Officer and Treasurer | ||
EXHIBIT 99.1
Chemung Canal Trust Company Announces Upcoming Closing of Towanda Office
ELMIRA, N.Y., Jan. 28, 2020 (GLOBE NEWSWIRE) -- Chemung Canal Trust Company (CCTC) today announced that it will be closing its branch office on Main Street in Towanda, at the close of business on Thursday, April 30, 2020. Customers of the office will receive communications from the bank regarding details of the transition.
The bank will continue to serve Bradford County with its offices located in Canton and Troy, as well as the nearby Waverly Office, just over the Pennsylvania border. Additionally, customers may continue utilizing the bank’s many electronic banking channels to access their accounts 24/7, including ATMs, Web Banking, Mobile Banking and Telephone Banking, to name a few. The bank expects to work closely with employees of the Towanda Office, in hopes of retaining them in other positions within the company.
Chemung Canal Trust Company, which operates 33 branch offices, is a full-service community bank with full trust powers, and is a subsidiary of Chemung Financial Corporation, a $1.8 billion financial services holding company headquartered in Elmira, New York. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance, and Chemung Risk Management, Inc., a captive insurance company based in the State of Nevada.
Contact:
Michael J. Wayne
Senior Vice President
mwayne@chemungcanal.com