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Chemung Financial boosts quarterly dividend by 19 percent

By Journal Staff (news@cnybj.com)

Date:

ELMIRA, N.Y. — Chemung Financial Corporation’s board of directors recently boosted its quarterly cash dividend by 19 percent to 31 cents a share from the previous 26 cents.

The new dividend is payable on July 1, to common-stock shareholders of record as of the close of business on June 17. 

“We are pleased that our Company’s strong financial results have allowed us to increase our cash dividend. This continues our long history of paying uninterrupted cash dividends, and we are proud to reward our shareholders with this dividend increase,” Anders M. Tomson, president and CEO of Chemung Financial, said in a release.

At the banking company’s current stock price, the new dividend would yield about 2.8 percent on an annual basis, up from 2.3 percent for the previous dividend.

Chemung Financial (NASDAQ: CHMG) is a
$2.5 billion financial-services holding company headquartered in Elmira, which operates 31 offices through its main subsidiary, Chemung Canal Trust Company, a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust says it is the oldest locally owned and managed community bank in New York state. Chemung Financial is also the parent of CFS Group, Inc., a financial-services firm offering non-traditional services including mutual funds, annuities, brokerage services, tax-preparation services, and insurance. Chemung Risk Management, Inc., an insurance company based in Nevada, is another one of its subsidiaries.

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