The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Approval of Application by Chemung Financial Corporation, Elmira, New York
January 24, 2011
NEW YORK—The Federal Reserve Bank of New York approved applications by Chemung Financial Corporation, Elmira, New York, for prior approval of the Board of Governors of the Federal Reserve System, pursuant to Sections 3(a)(3) and 3(a)(5) of the Bank Holding Company Act of 1956, as amended, to acquire Fort Orange Financial Corp., and its wholly-owned subsidiary, Capital Bank & Trust Company (Capital Bank), both of Albany, New York, and by Chemung Canal Trust Company, Elmira, New York (Chemung Trust), to merge Capital Bank with and into Chemung Trust, pursuant to section 18(c) of the Federal Deposit Insurance Act and, incident thereto, to establish full-service branch offices at the locations of the former Capital Bank under Section 9 of the Federal Reserve Act.
According to standard procedure, the proposal cannot be completed for 15 days.
The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.