Canal Bank, a division of Chemung Canal Trust Company

Name

Canal Bank, a division of Chemung Canal Trust Company

Legal name

Chemung Canal Trust Company

Website

https://gocanalbank.com

Company type

Private

Founded year

1830

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Community banking services
• Personal and business banking
• Commercial lending solutions
• Wealth management services
• Mortgage and home equity loans

Headquarters

HQ city

Williamsville

HQ country

United States

HQ region

North America

Offices30 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Interest Income from Lending: The primary revenue driver. Canal Bank earns interest on mortgages, home equity loans, auto loans, personal loans, commercial loans, and lines of credit. Interest rates vary by product type, credit score, and collateral status. The bank offers both fixed and variable rate products.
2. Deposit Account Fees and Service Charges: Monthly maintenance fees on certain accounts (e.g., $10 for NOW accounts below $1,000 balance, $5 for BankOn Checking), overdraft fees ($35 per item, max 5 per day), and various transaction fees. Fee structures differ across account types.
3. Wire Transfer Fees: Domestic wire transfers $25, foreign wire transfers $50, incoming wires $15. Additional convenience fees for phone payments ($5).
4. Interchange Income: Earns interchange fees on debit and credit card transactions. Includes rewards program costs (UChoose Rewards) offset by card usage volume.
5. Wealth Management and Advisory Fees: Revenue from investment services, financial planning, retirement planning, and trust & estate administration services for affluent clients.
6. Cash Management and Treasury Services: Fees for business banking services including lock box services, merchant services (through Clover partnership), and cash management solutions.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

Canal Bank delivers retail and commercial banking services through three integrated product segments: Personal Banking (checking, savings, money market, CDs/IRAs, mortgages, home equity, auto loans, personal loans, credit cards), Business Banking (commercial checking/savings, small business and commercial loans, SBA programs, merchant services, Remote Deposit Capture, Positive Pay, wire/ACH), and Wealth Management (Prestige Banking, trust and estate administration, financial planning, investment services). Industry-tailored solutions include EscrowEdge for law firms, municipalities, and property managers, plus ZRent automated rent collection. All products are delivered through 30+ branches, dedicated relationship managers, and digital platforms (GoBanking for consumers, Business Banker for commercial clients).

Product overview

Canal Bank operates as a division of Chemung Canal Trust Company, the oldest locally owned and managed community bank in New York with over 190 years of experience. The company offers a comprehensive banking platform structured across three main segments: Personal Banking, Business Banking, and Wealth Management. Personal Banking centers on consumer checking, savings, money market, and CD/IRA products alongside lending solutions including auto loans, mortgages, home equity products, and credit cards. Business Banking provides commercial checking/savings, small business and commercial lending, merchant services through Clover, and cash management tools including Remote Deposit Capture, Bill Payment, Lock Box Services, Wire Services, and Fraud Protection via Check and ACH Positive Pay. Wealth Management encompasses investment services, retirement planning, trust and estate administration, and financial planning with a Prestige Banking tier for high-net-worth clients. Specialized vertical solutions include EscrowEdge for law firms/municipalities/property managers and ZRent for automated rent collection. Digital access is provided through GoBanking (consumer) and Business Banker (commercial) online/mobile platforms with Digital Wallet support for Apple Pay, Google Pay, Samsung Pay, and Garmin Pay.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Multiple personal checking account types including FreeChecking, GlobalChecking, Global1.0 (ages 13-17), Global2.0 (ages 18-25), BankOnChecking (no overdraft fees, certified to Bank On standards), NOW Account, and Health Savings Account (HSA).
• Business Checking Accounts Business checking options including Business Checking, Premier Business, Analyzed Business, Zero Balance, NOW Accounts, and Non-Profit checking accounts with varying features, transaction allowances, and fee structures.
• Personal Savings Accounts Personal savings products including standard savings, Youth Savings Account for children, and Holiday Club Savings Account with variable interest rates and automatic transfer capabilities.
• Business Savings Business savings options including Variable-Rate Savings, Investment Certificates (CDs), Money Market Accounts, Insured Money Market Account, and Prestige Business Insured Money Market Account.
• Money Market Accounts Tiered-interest-rate money market accounts with check-writing convenience, unlimited withdrawals at ATMs, and eStatements. Includes Personal Prestige Insured Money Market Account (IMMA) with $25,000 minimum and promotional Money Market Special at 3.50% APY with $10,000 minimum.
• CDs and IRAs Certificate of Deposit (CD) and Individual Retirement Account (IRA) products with various terms, including IRA Money Market Account (IMMA) for flexible retirement savings. Includes promotional CD specials at 3.75% APY for 5 months and 3.50% APY for 12 months.
• Mortgages Residential mortgage products including pre-approval, first-time homebuyer programs (including no closing cost option), bi-weekly and monthly fixed-rate mortgages, adjustable-rate mortgages, construction financing, and refinance options.
• Home Equity Loans Home equity financing including Flex+ Revolving Line of Credit, Fixed-Rate Home Equity Loans (monthly and bi-weekly payment options), and Interest-Only Revolving Line of Credit. Rates range 5.625%-7.625% APR depending on LTV, lien position, and term.
• Home Equity Line of Credit (HELOC) Revolving credit line secured by home equity allowing flexible borrowing, repayment, and re-borrowing during the draw period with tax-advantaged interest potential. Promotional 4.50% APR intro rate for 6 months, then 6.75% APR variable; minimum line $10,000; lifetime cap 16.00%, floor 4.00%; no closing costs if maintained 3 years.
• Auto Loans Financing for vehicles including cars, trucks, SUVs, recreational vehicles, ATVs, motorcycles, and boats with competitive rates and local decision-making. Tiered rates 6.75%-9.75% APR depending on credit score and term, with 0.25% Auto Pay discount.
• Personal Credit Cards VISA credit card portfolio including Platinum, Platinum Rewards, Secured Platinum, Cash Rewards Platinum, and Signature Travel cards with various reward structures and benefits. Issued by TCM Bank, N.A.
• Business Credit Cards Mastercard business credit cards offering purchasing power, spending limit controls, monthly tracking, 24/7 VIP customer service, and fraud protection.
• Small Business Loans Business purpose loans up to $500,000 including Term Loans, Lines of Credit, Overdraft Lines of Credit, Commercial Equity Lines of Credit, and SBA loan program participation.
• Commercial Loans

Named customers5 records

Segments7 records

Ideal customer profiles7 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature8 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Clover (Fiserv)coreTechnology or IntegrationCanal Bank offers merchant services through Clover, an all-in-one point-of-sale system provided by Fiserv. The partnership enables business clients to accept card payments with Clover hardware and software integrated with Canal Bank business accounts.
• U.S. Small Business Administration (SBA)coreStrategic or Co-development PartnerCanal Bank participates in SBA loan programs that provide guarantees for business loans for working capital, equipment purchases, or the construction, renovation, or purchase of real estate. SBA loans support small business financing with government-backed guarantees.
• Pursuit (Agency Loan Program)minorStrategic or Co-development PartnerCanal Bank participates in Pursuit loan programs for the construction, renovation, or purchase of real estate or purchase of equipment. Pursuit provides additional lending capacity for business clients beyond traditional bank underwriting.
• TCM Bank, N.A.coreChannel Partner/ Reseller/ DistributorTCM Bank, N.A. issues Canal Bank's VISA credit cards including Platinum, Platinum Rewards, Secured Platinum, Cash Rewards, and Signature Travel cards. Cards are subject to credit approval through TCM Bank's application process.
• ZRentcoreTechnology or IntegrationZRent is an automated rent collection platform integrated with Canal Bank accounts. Property managers and landlords use ZRent to collect rent automatically via ACH from tenants, with real-time payment visibility and instant transfer to Canal Bank accounts.
• ZellecoreTechnology or IntegrationCanal Bank offers Zelle person-to-person payment integration within its GoBanking online and mobile banking platforms, enabling customers to send and receive money directly between bank accounts.
• MastercardcoreTechnology or IntegrationMastercard debit and credit card services including Zero Liability protection, contactless payments, and digital wallet integration (Apple Pay, Google Pay, Samsung Pay, Garmin Pay). Cards include UChoose Rewards program for debit card transactions.
• ApplecoreTechnology or IntegrationApple Pay integration allowing Canal Bank cardholders to add debit and credit cards to Apple Wallet for secure mobile payments at contactless terminals.
• GooglecoreTechnology or IntegrationGoogle Pay integration allowing Canal Bank cardholders to add debit and credit cards to Google Wallet for NFC mobile payments at contactless terminals.
• SamsungcoreTechnology or IntegrationSamsung Pay integration allowing Canal Bank cardholders to add debit and credit cards to Samsung Pay for mobile payments at most swipe or tap terminals.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• NBT Bancorp Inc. Norwich, NY-based community bank with a similar upstate NY and northern PA footprint offering consumer, commercial, and wealth management services; closest direct comparable in scale and geographic profile.
• Five Star Bank: Warsaw, NY-based community bank with branches across Western NY offering consumer, business, and mortgage lending—overlapping Canal Bank's Western NY and Finger Lakes presence.
• Tompkins Financial Corporation: Ithaca, NY-based community bank holding company operating in the Finger Lakes and surrounding regions with consumer banking, commercial lending, and wealth management—directly overlaps Canal Bank's Finger Lakes and Southern NY markets.
• Evans Bancorp, Inc. Small Buffalo-area community bank holding company offering consumer and commercial banking services; directly comparable in size and geographic overlap with Canal Bank's Western NY expansion.
• Trustco Bank Corp NY: Glenville, NY-based community bank with branches across upstate NY and FL offering consumer and small business banking; directly comparable business model and regional focus.
• Community Bank System, Inc. NY-headquartered community bank holding company operating branches across upstate NY, northeastern PA, and surrounding regions with consumer, small business, and commercial lending—overlapping geography and product set with Canal Bank.

Broad incumbents

• M&T Bank Corporation: Buffalo-headquartered regional bank with deep upstate NY presence and a comparable mix of consumer, commercial, and wealth management services; operates at much larger scale but competes directly in Western NY and across upstate markets.
• KeyCorp: Cleveland-based regional bank holding company with significant upstate NY presence (KeyBank) offering consumer, commercial, and wealth services; competes as a larger incumbent across Canal Bank's footprint.

Regional players

• Berkshire Hills Bancorp: New England and NY-based regional bank offering consumer, commercial, and wealth services with a comparable community banking model; competes indirectly via geographic adjacency in upstate NY.
• First National Bank of Pennsylvania: Pennsylvania-headquartered regional bank with a branch network covering northern PA markets where Canal Bank also operates; comparable community banking model with consumer and commercial focus.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/canal-bank-ny

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

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 Canal Bank, a division of Chemung Canal Trust Company