8-K

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): March 7, 2016

CHEMUNG FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)

New York	0-13888	16-1237038
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)		Identification No.)

One Chemung Canal Plaza, Elmira, NY 14901

(Address of principal executive offices) (Zip Code)

(607) 737-3711

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.16e-4(c))

ITEM 8.01 OTHER EVENTS

On March 7, 2016, 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 Federal Reserve Bank (“FRB”) and the New York State Department of Financial Services (“NYSDFS”) that the Bank intends to close its Ithaca Commons branch office at 202 East State Street, Ithaca, NY 14850 on or about May 31, 2016. The Bank will transfer all customer relationships to its remaining three Ithaca branch office locations at 304 Elmira Road, 806 West Buffalo Street, and 909 Hanshaw Road.

At this time, the Corporation expects to recognize approximately $450 thousand in accelerated depreciation and moving costs associated with vacating the premises during the first and second quarters of 2016. The Corporation also expects annual cost savings, beginning in 2017, as a result of the non-renewal of the expiring lease agreement and related direct expenses for the Ithaca Commons branch office, of approximately $450 thousand. Current personnel of the Ithaca Commons branch office will be reassigned to other branches of the Bank. Given the proximity of the remaining three branch locations, with two branches within 1.2 miles, to the Ithaca Commons branch the Bank does not anticipate significant customer disruption. 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 March 7, 2016.

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
March 7, 2016	By: /s/ Karl F. Krebs
	Karl F. Krebs
	Chief Financial Officer and Treasurer

EX-99.1

Exhibit 99.1

 

For Immediate Release:
March 7, 2016	Media Contact:
	Michael J. Wayne
	Senior Vice President
	(607) 737-3762
	mwayne@chemungcanal.com

Chemung Canal to relocate from the Ithaca Commons

(Elmira, NY) Chemung Canal Trust Company (CCTC) is announcing it will be relocating its office from the Ithaca Commons, effective May 31, 2016.

“For more than a year, we have been in lease negotiations with the landlord of our Commons office,” said Anders M. Tomson, President & Chief Operating Officer of Chemung Canal Trust Company, “unfortunately, we were just not able to reach mutually acceptable terms for our continued occupancy.”

“We had been in discussions with the landlord about redesigning the branch into something that met our requirements and allowed us to more efficiently serve the needs of our clients,” Tomson said. “Given the changing environment of banking – where less clients are “in the branch” and more clients are utilizing technology (desktops, tablets, smart phones, etc.) – the need for square footage is not nearly as significant as in previous decades,” he added.

The Commons branch is more than 12,000 square feet, spread out over three levels. Chemung Canal took possession of the office in November 2013, when it purchased the branch (along with a branch at 304 Elmira Rd. in Ithaca) from Bank of America. The lease expired on December 31, 2015.

“While the banking location for some of our clients is changing, the one thing that will not change is our commitment to provide a full menu of products and services, delivered by well-trained, highly qualified banking professionals,” Tomson said. Despite the relocation, the bank announced there will be no reduction in staffing levels, with existing employees being redeployed to CCTC’s three remaining Ithaca offices.

Chemung Canal Trust Company’s other Ithaca offices are located at: 806 West Buffalo Street (The Station), 304 Elmira Road and 909 Hanshaw Rd (Community Corners). The Elmira Road and Buffalo Street branches are less than a mile away from the Commons office. Clients will not be required to do anything to transfer their accounts to other branches.

“We are pleased to report that our three other Ithaca offices feature longer hours than were available at the Commons, and we are open on Saturdays at Elmira Road and Community

Corners,” Tomson said. Additionally each Ithaca office has a drive-up teller, a fully functional (24/7) drive-up ATM – which accepts cash and check deposits, in addition to cash withdrawals, balance inquiries and account transfers. Each branch has ample parking.

At December 31, 2015 Chemung Financial Corporation, the holding company of Chemung Canal Trust Company, reported assets of $1.6 billion and total equity of $137.2 million. The bank’s operations currently include 34 branch offices located in 11 New York counties and Bradford County, PA. Chemung Canal also features a full service Wealth Management Group that reported $1.9 billion in assets under management or administration at December 31, 2015. The bank has 377 full-time equivalent employees.

Established in 1833, Chemung Canal Trust Company, a full service community bank with full trust powers, is the oldest, locally-owned and managed community bank in New York State. Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services and insurance. CFS Group, Inc. was founded in 2001.