CHEMUNG FINANCIAL CORPORATION (NASDAQ:CHMG) Files An 8-K Other EventsITEM 8.01OTHER EVENTS
On June 29, 2017, Chemung Financial Corporation (the “Corporation”) received Notice of Entry of the decision and Order of the New York Appellate Division, Third Department, in the matter of Fane v. Chemung Canal Trust Company, involving claims by the owner of the leased premises at 202 East State Street, Ithaca, New York against Chemung Canal Trust Company, the bank subsidiary of the Corporation. The Court affirmed the lower court’s decision in favor of the plaintiff with damages to be determined at a later proceeding. The Corporation is currently assessing its existing legal reserve for this matter to determine if any adjustment is necessary in light of this holding.
For further discussion of the original judgment, please refer to the Corporation’s March 31, 2017 Form 10-Q filed on May 3, 2017.
About CHEMUNG FINANCIAL CORPORATION (NASDAQ:CHMG)
Chemung Financial Corporation is a bank holding company. The Company, through its subsidiaries, Chemung Canal Trust Company (the Bank) and CFS Group, Inc. (CFS), provides a range of banking, financing, fiduciary and other financial services to its clients. The Company manages its operations through two segments: core banking and Wealth Management Group (WMG). The core banking segment receives deposits from the general public and uses such funds to originate consumer, commercial, commercial real estate and residential mortgage loans, mainly in its local markets and to invest in securities. The WMG services segment provides trust and investment advisory services to clients. The Company’s financial services include demand, savings and time deposits, commercial, residential and consumer loans, interest rate swaps, letters of credit, wealth management services, employee benefit plans, insurance products, mutual funds and brokerage services.
