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ELMIRA, N.Y., July 15, 2013 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (Nasdaq:CHMG) today announced that its common stock had been added to the Russell 3000 Index, effective prior to the market open on July 1, 2013.
By definition, "the Russell 3000 Index measures the performance of the largest 3,000 publicly held US companies based on total market capitalization. The companies which comprise the Index represent approximately 98% of the investable US market." According to its website, "the index is constructed to provide a comprehensive, unbiased and stable barometer of the broad market and is completely reconstituted annually to ensure new and growing equities are reflected."
"Our inclusion in the Russell 3000 Index is another opportunity to increase the liquidity in our shares for current and future shareholders," said Ronald M. Bentley, Chemung Financial's President & CEO. "This listing certainly aids in our effort to increase the visibility of our company within the investment community," Bentley added.
At March 31, 2013 Chemung Financial Corporation reported total assets of $1.28 billion and total equity of $132.9 million. Chemung Financial Corporation is the financial services holding company for Chemung Canal Trust Company.
On July 11, 2013 Chemung Canal Trust Company announced that it had entered into an agreement with Bank of America to purchase 6 branch offices within Central New York, expanding the bank's presence in Tompkins County and allowing it entry into Cayuga, Cortland and Seneca counties. As part of the agreement Chemung Canal expects to acquire approximately $261 million in deposits and $1.8 million in loans.
Chemung Canal Trust Company, headquartered in Elmira, NY, is a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally-owned and managed community bank in New York State. Chemung Canal Trust Company currently operates 23 full-service banking offices in Broome, Chemung, Schuyler, Steuben, Tioga and Tompkins counties in New York and Bradford County in Pennsylvania. CCTC also operates 5 full service banking offices under the name Capital Bank, a division of Chemung Canal Trust Company, in Albany & Saratoga counties.