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) May 13, 1998



                  CHEMUNG FINANCIAL CORPORATION
(Exact name of Registrant as Specified in Charter)



New York           0-13888          16-3703-8
(State or Other  (Commission     (IRS Employer
Jurisdiction of  File Number)    Identification No.)
Incorporation)




One Chemung Canal Plaza, Elmira, New York           14902


(Address of Principal Executive Offices)            (Zip Code)



Registrant's telephone number,including area code(607)737-3711

(Former Name or Former Address, if Changed Since Last Report)











Item 5.    Other Events

          On May 13, 1998 the Registrant's Board of Directors
approved a resolution authorizing a stock dividend of one share
of common stock of the Registrant, par value $0.01 per share, to
be paid on each issued share of such common stock.  The stock
dividend shall be payable on June 1, 1998 to stockholders of
record as of the close of business on May 14, 1998.


Item 7.      Financial Statements, Pro Forma Financial Information
             and Exhibits
        
(c)  Exhibits:

     (99)      Attached to this Form 8-K as Exhibit A and
               incorporated by reference to Item 7(c) is a Press
     Release dated May 13, 1998 announcing the stock
     dividend among other things.

                            FORM 8-K
                                
                                
                         CURRENT REPORT
                                
                            ITEM 7(c)
                                
                          EXHIBIT INDEX
                                
                                
                  CHEMUNG FINANCIAL CORPORATION
                                
                        ELMIRA, NEW YORK
                                
   ___________________________________________________________
                                
                                
                                      PAGE NUMBER WHERE
                   SEQUENTIALLY        INCORPORATED BY
EXHIBIT            NUMBERED PAGE          REFERENCE
A- Press Release         4                      2






                          PRESS RELEASE
                                
                 For Release May 13th @ 9:30 PM
                                
                          May 13, 1998
                                
                                
   CHEMUNG FINANCIAL BOARD INCREASES DIVIDEND, VOTES 2-1 SPLIT
                                
The Board of Directors of Chemung Financial Corporation today
voted to increase its quarterly dividend by 9.7% and also voted a
2-1 split payable in the form of a 100 percent stock dividend
payable June 1, 1998 to stockholders of record on May 14, 1998.
The split was subject to approval of an increase in the number of
authorized shares by Chemung Financial's shareholders at their
annual meeting later in the day.

Assuming shareholder approval of the increase in authorized
shares the new quarterly dividend will 17 cents per share,
payable to shareholders of record on June 16, 1998.  If the Board
had not voted to split the shares, the new dividend would be $34
cents versus $31 cents.

In releasing the announcement, Jan P. Updegraff, President & CEO
stated:

          "Our shares have performed well in the market
          place over the past two years and have moved to a level
          which we think justifies the split.  This move will
          attract new investors who perceive the lower level to
          be more attractive.
          
          The increase in the cash dividend is more than
          justified by the momentum of our earnings."
                                
                              
                                
                            Exhibit A
                           SIGNATURES
                                
     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
                          By ____________________________________
                             /s/Jan P. Updegraff
                             President and Chief Executive Officer

Date:  May 14, 1998