Chemung Financial Corp (NASDAQ:CHMG), a regional bank with a market capitalization of $257.53 million, announced today the consolidation of its Clarence branch into the Williamsville location in New York.
The move, effective as of today, comes after the company's subsidiary, Chemung Canal Trust Company, received the necessary approvals from both the New York State Department of Financial Services (NYSDFS) and the Federal Reserve Bank of New York (FRBNY). According to InvestingPro data, the company's stock has shown strong momentum with a 28% return over the past six months.
The Clarence branch, situated at 9159 Main Street, has been merged with the Williamsville branch at 5529 Main Street, which has been operational since October 11, 2024. Despite the consolidation, the Clarence facility will continue to function as an administrative office.
This strategic decision aligns with the company's efforts to streamline operations and optimize its branch network. The consolidation is based on information contained in a Form 8-K filed with the Securities and Exchange Commission.
Chemung Financial Corporation, headquartered at One Chemung Canal Plaza in Elmira, New York, is recognized under the State Commercial Banks [6022] industry classification. Trading at a P/E ratio of 11.95 and offering a 2.27% dividend yield, the company has maintained dividend payments for 51 consecutive years.
The company's common stock is listed on the Nasdaq Stock Market LLC under the trading symbol CHMG, and InvestingPro analysis suggests the stock is currently trading near its Fair Value.
This development is part of Chemung Financial's broader operational adjustments and is disclosed in compliance with SEC regulations. The information is based on a press release statement and aims to provide shareholders and the public with transparent updates on corporate activities.
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