Chemung Canal Trust Company

What Chemung Canal Trust Company does

Chemung Canal Trust Company is a community bank founded in 1833 and headquartered in Elmira, New York, operating as the wholly-owned banking subsidiary of publicly traded Chemung Financial Corporation (NASDAQ: CHMG). It serves individuals, small and medium businesses, municipalities, high-net-worth clients, law firms, and property managers across more than 20 branches spanning Southern New York, the Finger Lakes, the Capital District (via the Capital Bank division), and Western New York (via the Canal Bank division, expanded with a Buffalo representative office in March 2026). The bank employs 251–500 staff and has delivered 53 consecutive years of dividend payments, with Q1 2026 net income reaching a record $9.2 million on 19.0% year-over-year net interest income growth.

The bank's core technology stack centers on integrated consumer and commercial digital platforms: GoBanking (consumer online and mobile banking with bill pay, mobile deposit, Zelle, and card controls), Business Banker (commercial online banking with ACH origination, wires, Positive Pay, and role-based permissions), and industry-specific solutions including EscrowEdge (digital sub-account management for law firms, municipalities, and property managers), ZRent (automated rent collection integrated with bank accounts), and Remote Deposit Capture with extended processing hours. These are supported by partnerships with Clover (merchant POS), IntraFi Network Deposits (multi-million-dollar FDIC coverage for municipal depositors), and DocuSign (electronic signatures). Digital wallet integration spans Apple Pay, Google Pay, Samsung Pay, and Garmin Pay.

Chemung Canal earns revenue primarily through net interest income — the spread between loan yields (mortgages, commercial, auto, personal, home equity) and deposit costs — supplemented by transaction fees (wire transfers $15–$50, overdraft fees at $35 per item, account service charges), cash management and treasury service fees (Remote Deposit Capture, Positive Pay, ACH, lockbox), and recurring wealth management and trust administration fees for Prestige Banking clients ($250K+ assets). Distribution is hybrid: a physical branch network with relationship managers for complex commercial and wealth needs, paired with 24/7 digital self-service channels. In April 2026 the company filed with the OCC to convert from a New York chartered trust company to a national bank charter, a regulatory step that would broaden its operational footprint.

Name

Chemung Canal Trust Company

Legal name

Chemung Canal Trust Company

Website

https://chemungcanal.com

Company type

Private

Founded year

1833

Operating status

Operating

Headcount range

251–500 employees

Short description

Chemung Canal Trust Company is a 190-year-old community bank headquartered in Elmira, NY, serving consumers, businesses, municipalities, law firms, and HNW clients across 20+ New York and Pennsylvania branches via deposits, lending, treasury management, and wealth services.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Commercial Banking (522110), Commercial Banking (52211), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021), State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Branch & In-Person Banking (Teller/ATM Networks) (FSABAAAE), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), Bank Connectivity & Channels (Host-to-host, SWIFT, APIs, EB portals) (FSABAIAF)

Keywords

• Community banking services
• Commercial lending products
• Wealth management services
• Municipal banking solutions
• Consumer deposit accounts

Headquarters

HQ city

Elmira

HQ country

United States

HQ region

North America

Offices31 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Primary revenue stream from interest earned on loans (mortgages, commercial loans, auto loans, personal loans, home equity) minus interest paid on deposits. Represents the spread between lending rates and deposit rates.
2. Non-Interest Income - Fees and Charges: Fee income from account service charges, overdraft fees, wire transfer fees ($15-$50), ATM fees, and other banking service charges.
3. Wealth Management and Investment Services: Revenue from financial planning, investment management, trust services, and retirement account services offered to high-net-worth clients.
4. Cash Management and Treasury Services: Fees from business cash management services including Remote Deposit Capture, Positive Pay, ACH services, and merchant services partnerships.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Chemung Canal Trust Company is a community bank offering consumer and business deposit accounts (checking, savings, money market, CDs, IRAs), consumer and commercial loans (mortgages, home equity, auto, personal, small business, SBA, commercial mortgages, equipment leasing), digital banking platforms (GoBanking and Business Banker), treasury management services (Remote Deposit Capture, Positive Pay, ACH, wire, lockbox, merchant services), industry-tailored solutions (municipal banking, law firm banking, property management with EscrowEdge and ZRent), and wealth management services including financial planning, investment services, trust and estate administration, and Prestige Banking for high-net-worth clients. The bank operates 20+ branches across New York and Pennsylvania under sub-brands Chemung Canal, Capital Bank, and Canal Bank.

Product overview

Chemung Canal Trust Company is a community bank offering a comprehensive suite of banking products through multiple delivery channels. The company operates as a single unified banking platform with distinct product lines: Consumer Banking (checking, savings, CDs, IRAs, money market, credit cards, auto loans, personal loans, lines of credit, mortgages, and home equity products), Business Banking (business checking, business savings, commercial loans, small business loans, SBA loans, equipment leasing, and business credit/debit cards), Treasury Management Services (Business Banker online banking, GoBanking mobile, Remote Deposit Capture, Positive Pay, ACH services, wire transfers, bill payment, and lockbox), Industry-Specific Solutions (municipal banking, law firm services, property management banking with EscrowEdge and ZRent), and Wealth Management (financial planning, investment services, trust and estate administration, and Prestige Banking). The bank also operates sub-brands Capital Bank (Capital Region) and Canal Bank (Western New York expansion). Digital wallet integrations include Apple Pay, Google Pay, Samsung Pay, and Garmin Pay, with third-party partnerships for merchant services (Clover), rent collection (ZRent), and escrow management (EscrowEdge with DocuSign).

Differentiator

Problem solved

Functional benefit

Brands

• GoBanking: Online and mobile banking platform for personal and business customers
• Canal Bank
• Capital Bank
• Prestige Banking
• EscrowEdge
• ZRent

Products and services

• Personal Checking Accounts
• Personal Savings Accounts
• Money Market Accounts
• Certificates of Deposit and IRAs
• Auto Loans
• Personal Credit Cards
• Personal Loans
• Personal Line of Credit
• Mortgages
• Home Equity Loans and Lines of Credit
• Business Checking Accounts
• Business Savings and Money Market Accounts
• Small Business Loans
• Commercial Loans
• Business Credit and Debit Cards
• Municipal Banking
• Business Banker Online Banking Platform
• GoBanking Online and Mobile Banking
• EscrowEdge Platform
• ZRent Automated Rent Collection
• Law Firm Banking Services
• Wealth Management
• Prestige Banking
• Trust and Estate Administration
• Wire Transfer Services
• Merchant Services

Quantifiable outcome

• Record Q1 2026 earnings of $9.2 million, highest quarterly in 190+ year history
• +3 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

Feature5 records

Partnerships

One partnership is on record.

• IntraFi Network DepositscoreTechnology or IntegrationIntraFi Network Deposits (ICS & CDARS) allows Chemung Canal to provide FDIC insurance on deposits above $250,000 through a network of participating banks. Enables municipalities and large depositors to access multi-million dollar FDIC coverage while maintaining single-bank relationship.

Scale indicators14 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• ACNB Corporation: ACNB Corporation (NASDAQ: ACNB) is a small-cap Pennsylvania community bank with consumer, mortgage, and commercial banking products — comparable in size and product scope to Chemung Canal.
• S&T Bancorp: S&T Bancorp (NASDAQ: STBA) is a Pennsylvania community bank offering consumer, commercial, and wealth management services comparable to Chemung Canal's full-service community banking model.
• Northwest Bancshares: Northwest Bancshares (NASDAQ: NWBI) is a Pennsylvania-headquartered community bank with a similar deposit- and mortgage-focused franchise overlapping Chemung Canal's PA footprint.
• NBT Bancorp: NBT Bancorp (NASDAQ: NBTB) operates a community banking franchise across Upstate New York, Pennsylvania, and Vermont with comparable deposit, lending, and wealth management offerings, making it a direct regional peer.
• Community Bank System: Community Bank System (NYSE: CBU) is a New York-focused community bank with a similar multi-channel distribution model, comparable consumer and commercial product set, and overlapping Upstate NY footprint — making it one of the closest publicly traded comps for Chemung Canal.
• Tompkins Financial: Tompkins Financial (NYSE: TMP) is a community-focused bank holding company serving Upstate NY with consumer banking, commercial lending, and wealth management — closely comparable in product mix and geographic concentration.
• Evans Bancorp: Evans Bancorp (NYSE: EVBN) is a Western New York community bank serving consumer and commercial customers — a direct geographic and size peer to Chemung Canal's Canal Bank division expansion.
• Kearny Financial: Kearny Financial (NASDAQ: KRNY) is a community-oriented savings bank operating across the Northeast with deposit and lending products comparable in scope to Chemung Canal's community banking franchise.
• Trustco Bancorp: Trustco Bancorp (NASDAQ: TRST) operates community bank branches throughout Upstate New York, Florida, and Massachusetts with a similar deposit-and-residential-mortgage-led business model.

Broad incumbents

• ConnectOne Bancorp: ConnectOne Bancorp (NASDAQ: CNOB) is a regional commercial bank with comparable community and business banking offerings across the Northeast, providing a broader peer reference for valuation benchmarking.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/chemung-canal-trust-company
• Facebookfacebook.com/chemungcanal

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Chemung Canal Trust Company