Chemung Canal Trust Company

Headquarters

One Chemung Canal Plaza
Elmira, NY 14902
See all branch locations →

Notable Rates APY Vs.Others
Savings 0.02% 1.00% →
1-Year CD 0.20% 0.95% →
2-Year CD 0.35% 1.05% →
5-Year CD 0.60% 1.30% →
30-Year Mortgage 3.59% 2.80% →
15-Year Mortgage 3.16% 2.37% →
HELOC N.A. 2.79% →

2020 Overview

General Bank Information

Chemung Canal Trust Company is an FDIC insured institution located in Elmira, NY. It was founded in 1833 and has approximately $1.84 billion in assets. Customers can open an account at one of its 35 branches.

FDIC Insured Yes
FDIC Certificate # 597
Date Established 1833
Assets $ 1,836.69 million
Loans $ 1,295.03 million
Deposits $ 1,612.25 million
Capital $ 182.26 million
 

For a more detailed analysis of Chemung Canal Trust Company's financial condition and a description of what these numbers mean, please visit the Financial Details section.

Deposit Rates - October 1, 2020

Your Current Location: Connecticut, CT 06828

Savings and Money Market Rates APY MIN MAX
Savings
0.02% $2,500 $4,999 Learn More
Money Market
0.05% $2,500 $2,999 Learn More
Money Market
0.02% $2,500 $2,999 Learn More
Money Market
0.05% $10,000 $14,999 Learn More
Money Market
0.02% $10,000 $14,999 Learn More
Money Market
0.10% $25,000 $29,999 Learn More
Money Market
0.03% $25,000 $29,999 Learn More
Premium Money Market Account
0.05% $10,000 $14,999 Learn More
Premium Money Market Account
0.07% $25,000 $34,999 Learn More
CD Rates APY MIN MAX
3 Mo CD
0.05% $10,000 $14,999 Learn More
3 Mo CD
0.05% $100,000 $199,999 Learn More
6 Mo CD
0.10% $10,000 $14,999 Learn More
6 Mo CD
0.10% $100,000 $199,999 Learn More
12 Mo CD
0.20% $10,000 $14,999 Learn More
12 Mo CD
0.20% $100,000 $199,999 Learn More
18 Mo CD
0.20% $10,000 $14,999 Learn More
18 Mo CD
0.20% $100,000 $199,999 Learn More
24 Mo CD
0.35% $10,000 $14,999 Learn More
24 Mo CD
0.35% $100,000 $199,999 Learn More
30 Mo CD
0.35% $10,000 $14,999 Learn More
30 Mo CD
0.35% $100,000 $199,999 Learn More
36 Mo CD
0.45% $10,000 $14,999 Learn More
36 Mo CD
0.45% $100,000 $199,999 Learn More
48 Mo CD
0.55% $10,000 $14,999 Learn More
48 Mo CD
0.55% $100,000 $199,999 Learn More
60 Mo CD
0.60% $10,000 $14,999 Learn More
60 Mo CD
0.60% $100,000 $199,999 Learn More

Int Checking Rates APY MIN MAX
Int Ckg
0.02% $2,500 $3,499 Learn MoreShow Less

Loan Rates - October 1, 2020

Your Current Location: Connecticut, CT 06828

Home Equity Rates APR Rate Monthly Payment
Auto Loan Rates APR Rate Monthly Payment
3 Year 4.00% 4.00% $738.10
4 Year 4.00% 4.00% $564.48
5 Year 4.25% 4.25% $463.24
Refinance Mortgage Rates APR Rate Monthly Payment
Purchase Mortgage Rates APR Rate Monthly Payment

Monthly payments for mortgage products are based on a loan amount of $200,000. Home equity monthly payments are based on a loan amount of $50,000. Auto loan monthly payments are based on a loan amount of $25,000. Rates for each product are based on a variety of factors including credit score and loan amount. For specific requirements please check with the lender. Rates may change at any time.

Branches

Chemung Canal Trust Company branches and locations in your neighborhood. Input a different zip code to find branches and locations for any neighborhood in the United States.

Your Location:
Fairfield,Connecticut


Chemung Canal Trust Company Locations


Financial Details

Chemung Canal Trust Company Ratio Analysis

The following ratios and data are available to help you better understand the financial condition of Chemung Canal Trust Company. The data is provided by the FDIC. All banks listed on BestCashCow.com are FDIC-insured. No depositor has ever lost deposits that have been within the FDIC insurance limits.

Texas Ratio
Chemung Canal Trust Company U.S. Bank Average
8.81% 6.94%

The Texas Ratio compares the bank’s non performing assets (non-performing loans and real estate owned) with its tangible common equity and its loan loss reserves. A lower Texas ratio indicates better coverage of problem loans. The closer the Texas Ratio is to 1-to-1 or 100%, the less capital and reserves a bank has to absorb its loan losses.

As of March 31, 2020, Chemung Canal Trust Company had $17,981,000 in non-current loans and $380,000 in owned real estate. To cover these potential losses it had $182,263,000 in equity and $26,233,000 in loans loss reserves. That gives it a Texas Ratio of 8.81%.

Return on Equity
Chemung Canal Trust Company U.S. Bank Average
4.94% 7.80%

Chemung Canal Trust Company has a Return on Equity of 4.94% versus the BestCashCow average of 7.80%. Return on equity measures how efficiently a bank is making money from its capital. A bank with a consistently high ROE can be considered well run. A bank with a consistently low ROE can be considered poorly run.

Capitalization
Chemung Canal Trust Company U.S. Bank Average
9.92% 12.68%

Chemung Canal Trust Company has a Capitalization of 9.92% versus the BestCashCow average of 12.68. Capitalization measures how much equity capital a bank has to underpin loans and other assets on its balance sheet. The higher the capitalization number the more secure a bank is considered.

Chemung Canal Trust Company Balance Sheet Analysis

As of March 31, 2020, Chemung Canal Trust Company had assets of $1,836,690,000, loans of $1,295,029,000, and deposits of $1,612,245,000. Long-term increases in deposits shows a bank's ability to raise funds to grow its loans and assets. Loan and asset growth may rise or fall depending on a bank's strategy for growth. Sharp rises and falls in assets, deposits, and loans can be problematic, indicating a loosening of lending standards, or financial distress leading to reduced lending. A big change in these figured can also be from a bank acquisition or merger.

Summary Balance Sheet

March 31, 2020
ASSETS
Cash & Balances due from depository institutions $ 143.58 million
Interest-bearing balances $ 99.19 million
Total securities $ 301.14 million
Federal funds sold and reverse repurchase N.A.
Net loans and leases $ 1,295.03 million
Loan loss allowance $ 26.23 million
Trading account assets N.A.
Bank premises and fixed assets N.A.
Other real estate owned $ 0.38 million
Goodwill and other intangibles $ 22.83 million
All other assets $ 44.13 million
     Total Assets $ 1,654.43 million
LIABILITIES
Total deposits $ 1,612.25 million
      Interest-bearing deposits $ 1,142.70 million
      Deposits held in domestic offices $ 1,612.25 million
      % insured (estimated) 82.33%
Federal funds purchased and repurchase agreements N.A.
Trading liabilities N.A.
Other borrowed funds $ 11.95 million
Subordinated debt N.A.
All other liabilities $ 30.24 million
      Total Liabilities $ 1,654.43 million
      Shareholders’ Equity $ 182.26 million

Summary Income Statement

March 31, 2020
INCOME AND EXPENSES
Total Interest Income $ 16.37 million
Total Interest Expense $ 1.32 million
Net interest income $ 15.04 million
Provision for loan and lease losses $ 3.05 million
Total non interest income $ 4.75 million
Total non interest expense $ 13.82 million
Pre-tax Net Operating Income $ 2.93 million

Bank Loan Profile?

The top three loan types in Chemung Canal Trust Company’s loan portfolio are Commercial Real Estate, 1-4 Family Residential Loans, and Commercial and Industrial Loans.

Compared to other banks, Chemung Canal Trust Company’s loan portfolio does not show any specific loan specialty.

Note: Percentages may not sum to 100% due to rounding and double categorization of some loan types. All data from the FDIC. Additional information about this table.

%
Loans
%
Comparison to Other Banks
 Low   Med   High 
1-4 Family Residential Loans 23.45
Multifamily
Mortgages
13.96
Credit Card Loans 0.00
Consumer Auto Loans 9.15
Small Business Loans 4.83
Construction and Development Loans 3.33
Commercial Real Estate 31.94
Commercial and Industrial Loans 17.13
Farm Loans 0.02

Frequently Asked Questions About Chemung Canal Trust Company

Branches and Savings

Is Chemung Canal Trust Company FDIC insured?

Yes. It is covered under FDIC Certificate #597.

Why does Chemung Canal Trust Company pay such low interest on savings accounts?

See the best online savings rates here. See the best local savings rates here.

Why are Chemung Canal Trust Company CD rates not competitive?

See the best online CD rates here. See the best local CD rates here.

Is Chemung Canal Trust Company a commercial bank?

Yes

Where are Chemung Canal Trust Company locations?

See branch locations nearby.

Is Chemung Canal Trust Company open on Saturdays?

Is Chemung Canal Trust Company open on Sundays?

What time does Chemung Canal Trust Company open?

What time does Chemung Canal Trust Company close?

Are Chemung Canal Trust Company ATMs Open 24/7?

Do Chemung Canal Trust Company ATMs accept cash deposits?

Can Chemung Canal Trust Company customers use other ATMs?

Do Chemung Canal Trust Company branches have notaries?

Will Chemung Canal Trust Company notarize my document?

What address for Chemung Canal Trust Company should I put for incoming ACH transfers?

Will the Chemung Canal Trust Company branch print checks?

Do Chemung Canal Trust Company checks expire?

Does Chemung Canal Trust Company require US citizenship to open account?

Can Chemung Canal Trust Company close my account?

Does Chemung Canal Trust Company Report to credit bureaus?

Does Chemung Canal Trust Company Use Equifax?

What is Chemung Canal Trust Company's ACH Routing Number?

What is Chemung Canal Trust Company's SWIFT code?

Products

Does Chemung Canal Trust Company offer mortgages?

Compare mortgage rates here.

Does Chemung Canal Trust Company offer home equity lines of credit and home equity loans?

Compare home equity lines of credit rates here.

Does Chemung Canal Trust Company offer personal loans?

Compare personal loan rates here.

Does Chemung Canal Trust Company offer student loans?

Will Chemung Canal Trust Company cash a check?

Will Chemung Canal Trust Company redeem a savings bond?

Does Chemung Canal Trust Company cash savings bonds?

Will Chemung Canal Trust Company cash money orders?

Can Chemung Canal Trust Company issue a money order?

Does Chemung Canal Trust Company do currency exchange?

Background on The Bank

Who owns Chemung Canal Trust Company?

How long has Chemung Canal Trust Company been around?

Can Chemung Canal Trust Company transfer to other banks?

Does Chemung Canal Trust Company have quick pay?

Does Chemung Canal Trust Company accept rolled coins?

Will Chemung Canal Trust Company accept loose change?

Where is Chemung Canal Trust Company headquarters?

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