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.
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