4.5 star ratingAverage User Rating:
4.5 star rating based on 2 reviews.

Chemung Canal Trust

Chemung Canal Trust Locations
One Chemung Canal Plaza
Elmira, NY 14902
(800) 836-3711
www.chemungcanal.com



Chemung Canal Trust is headquartered in Elmira and is the 40th largest bank in the state of New York. It is also the 524th largest bank in the nation. It was established in 1833 and as of September of 2011, it had grown to 346 employees at 28 locations. Chemung Canal Trust has a 4-star health rating.



See Rates for: Checking | Savings | Money Market | CD | IRA

Chemung Canal Trust Checking Account Rates

ApyMinMaxProduct
0.05%$1k-NOW Checking

Chemung Canal Trust Savings Account Rates

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0.05%$100-Statement Savings

Chemung Canal Trust Money Market Rates

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0.20%$25k-Prestige IMMA
0.10%$2,500-Money Market

Chemung Canal Trust CD Rates

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1.15%$1k-60 Month CD
1.15%$1k-84 Month CD
1.05%$1k-48 Month CD
1.00%$1k-36 Month CD
0.85%$25k-25 Month Special CD
0.70%$1k-15 Month CD
0.70%$1k-24 Month CD
0.70%$1k-30 Month CD
0.60%$1k-10 Month Special CD
0.45%$1k-12 Month CD
0.45%$1k-18 Month CD
0.35%$1k-5 Month Special CD
0.20%$1k-6 Month CD
0.10%$1k-3 Month CD
0.05%$2,500-7 - 89 Day CD

Chemung Canal Trust IRA Rates

ApyMinMaxProduct
1.15%$1k-60 Month IRA
1.15%$1k-84 Month IRA
1.05%$1k-48 Month IRA
1.00%$1k-36 Month IRA
0.85%$25k-25 Month Special IRA
0.70%$1k-15 Month IRA
0.70%$1k-24 Month IRA
0.70%$1k-30 Month IRA
0.60%$1k-10 Month Special IRA
0.45%$100-18 Month Variable IRA
0.45%$1k-12 Month IRA
0.45%$1k-18 Month IRA
0.35%$1k-5 Month Special IRA
0.20%$1k-6 Month IRA
0.10%$1k-3 Month IRA

Rates updated: 2/11/2012

Data for Q3 2011


Institution Statistics


Chemung Canal Trust Company
FDIC Certificate #597
BankRate ReportView
Year Established1833
Employees346
Primary RegulatorFED

Assets and Liabilities

Assets$1.26 billion
Loans$778.84 million
Deposits$1.04 billion
Equity Capital$124.26 million
Loan Loss Allowance$9.68 million
Unbacked Noncurrent Loans$19.86 million
Real Estate Owned$661,000

Historic Data - September 2010

Assets$969.70 million
Equity Capital$93.63 million
Loan Loss Allowance$9.66 million
Unbacked Noncurrent Loans$4.43 million
Real Estate Owned$825,000

Profit Margin - Quarterly

Net Interest Margin4.18%
Return on Assets0.87%
Return on Equity8.92%
Interest Income$37.00 million

Institution Health


Overall Score:
4 out of 5
4
Texas Ratio3
The Texas Ratio is an indicator of how much funds a bank has available compared to the total value of loans considered at risk. As of September 30, 2011 Chemung Canal Trust had $20.52 million in non-current loans and owned real-estate with $133.94 million in equity and loan loss allowances on hand to cover it. This gives Chemung Canal Trust a Texas Ratio of 15.32% which is average. Any bank with a Texas Ratio near or greater than 100% is considered at risk.
Texas Ratio Trend2
The Texas Ratio for Chemung Canal Trust increased slightly from 5.15% as of September 30, 2010 to 15.32% as of September 30, 2011, resulting in a negative change of 197.74%. This indicates that the balance sheet and financial strength for Chemung Canal Trust has declined slightly in recent periods.
Deposit Growth5
In the past year, Chemung Canal Trust has increased its total deposits by $239.89 million, resulting in 29.83% growth for the year. A strong track record of growth is an indicator of consumer confidence and the bank's ability to strengthen its balance sheet. The growth Chemung Canal Trust has shown is excellent.
Capitalization4
Both FDIC and NCUA consider capitalization levels of banks and credit unions to be of high importance. Higher capitalization allows for a greater buffer when cover loans that may fail in the future. Chemung Canal Trust has $1.26 billion in assets with $133.94 million in equity, resulting in a capitalization level of 10.60%, which is above average.
Write Review

I Love This Bank!!!
4 stars - CouturemyDior - Monday, May 30, 2011 - 11:02 AM

I switched to using Chemung Canal as my bank after a bad experience with my last bank. The day I went to the bank, the workers were all very friendly and efficient. They helped me open a new checking account quickly and even gave me some starter checks until the box that I ordered came in. At Chemung Canal, they also offered me over draft protection, which I took, and it makes me feel a lot better about my account. Anytime I have noticed something on my statement that I don't understand, they take the time to explain it to me. I have also had a lot of luck in filing disputes with them and getting my money back. They're a great bank to deal with.

1

Great Bank!
5 stars - Dawlfayce - Thursday, May 12, 2011 - 9:55 AM

I used other banks before I used Chemung Canal, but I have never been happier. Every time I need to know my account balance, I just call, and the girls are very helpful. A few months back, I noticed some charges on my account that I didn't recognize. All I had to do was go fill out a simple form, and they took care of the rest, getting me my money back in my account. I also like how friendly and easy going through the drive-up is. The bank offers web banking which makes things more convenient. Also, they're all really nice when I take my dog through by giving him treats.

1