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Press Release

November 1, 2017

Contact: Richard Loconte, 212-709-1691

DFS AUTHORIZES EXPANSION OF NEW YORK STATE-CHARTERED BANK AND CREDIT UNION

Capital Bank and CFCU Community Credit Union to Open Branches in Saratoga and Tompkins Counties

Financial Services Superintendent Maria T. Vullo today announced that the New York State Department of Financial Services (DFS) has approved branch applications for one New York State-chartered bank, Chemung Canal Trust Company’s Capital Bank division, and for one state-chartered credit union, CFCU Community Credit Union. Capital Bank is opening a new branch in Saratoga, New York, and CFCU is opening a new branch, administrative offices, and ATM services in Ithaca, New York.

“DFS remains committed to encouraging the expansion of New York State-chartered institutions to keep our state financial system strong and growing,” said Financial Services Superintendent Maria T. Vullo. “New York State-chartered banks and credit unions strengthen the economies of local communities, provide access to financial services and employment opportunities to local residents, and contribute to regional economic growth while providing strong consumer protection through regulatory oversight by DFS.”

Anders M. Tomson, President and Chief Executive Officer of Chemung Canal Trust Company and Division President of Capital Bank, said, “We are proud to be the oldest locally owned and managed community bank in New York State and appreciate the work of DFS to approve our application to expand services in Saratoga County, one of the fastest-growing counties in New York State.  With a strong economic foundation, a well-diversified employment base, low unemployment, quality healthcare and educational outlets and a plethora of cultural and entertainment venues, we believe that the residents and business community will benefit from our community banking business model.”

Lisa Whitaker, President and Chief Executive Officer of CFCU Community Credit Union said, “Since the reopening of the Commons in Ithaca, CFCU has witnessed the power of this central location as a gathering point and cultural hub. Relocating our administrative offices and opening a branch on the Commons is a statement of support for our community and our members. This is an opportunity for CFCU to bring downtown members and businesses a personal experience just a short walk away. We are thrilled to have such support from our volunteer Board of Directors, our employees, and the New York State Department of Financial Services. Much consideration goes into every decision, from utilizing local architects and builders, to carefully integrating a digital approach. To have support from the industry, staff, and community perspectives is inspiring.”

DFS has approved Capital Bank’s application to open a second branch location at 3057 Route 50 in the Saratoga Springs/Wilton area, Saratoga County.  Capital Bank was formed in 1995, and in 2011 was merged into Chemung Canal Trust Company, the oldest locally owned and managed community bank in New York State.  Capital Bank has $1.7 billion in assets, currently operating through 33 offices within 11 counties.

DFS has approved three adjacent spaces for CFCU at 200-204 E. State St., 111 N. Tioga St. and 203 E. Seneca St. in Ithaca, Tompkins county. The locations will consist of a retail branch, including a 24-hour accessible ATM, administrative offices, and a second drive-up ATM. Originally formed as Cornell Federal Credit Union in 1953, CFCU Community Credit Union converted to a state community charter in 2003. CFCU more than 60,000 members and over $900 million in assets, currently operating in ten locations in five counties.

New York currently has a total of 137 state chartered commercial banks, savings banks and bank holding companies, 16 state chartered credit unions, 85 foreign branches, 10 foreign agencies, and 35 representative offices, with assets totaling more than $2.6 trillion.

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