Chemung Financial Corp's Subsidiary To Acquire 6 Branch Offices In Central NY From Bank of America Corp

Thursday, 11 Jul 2013 08:31am EDT 

Chemung Financial Corp announced that its banking subsidiary, Chemung Canal Trust Company (Chemung Canal), has entered into an agreement with Bank of America Corp to purchase six branch offices located in Auburn, Cortland, Ithaca and Seneca Falls, New York. As part of the transaction, Chemung Canal will acquire nearly $261 million in deposits and $1.8 million in loans. The transaction is expected to close in the fourth quarter of 2013. The acquisition is expected to be accretive to Chemung Financial earnings in 2015. The branch locations being purchased by Chemung Canal include: 120 Genesee Street, Auburn, 185 Grant Street, Auburn, 1094 Highway 222, Cortland, 304 Elmira Road, Ithaca, 202 The Commons, Ithaca and 54 Falls Street, Seneca Falls. 

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