(Elmira, NY) – Sunday, October 22, marked Chemung Canal Trust Company’s (CCTC) 190th anniversary. The Bank, established in 1833, is New York State’s oldest locally owned and operated independent community bank.
CCTC’s namesake, the Chemung Canal waterway, opened in 1833 to connect the Chemung River in Elmira to Seneca Lake in Watkins Glen. Ultimately, it connected the Southern Tier to the Erie Canal, the Great Lakes and the world. The opening of the canal made Elmira a boat-building center and stimulated coal mining in Northern Pennsylvania.
As a result, a Bank was necessary to support the new deposit and credit needs of the region. On April 9, 1833, the State Legislature passed an act stating: “There shall be established in the Village of Elmira and the County of Tioga, a bank, to be called The Chemung Canal Bank.” CCTC’s first office building still stands today as the Chemung Valley History Museum.
“The story of Chemung Canal Trust Company is fascinating,” said Anders M. Tomson, President & CEO. “The waterway began just footsteps from our current Main Office, at the intersection of today’s Water Street and Clemens Center Parkway. This is a significant milestone, and we are proud to celebrate this journey, but we remain focused on anticipating and meeting the needs of our customers and communities for many years to come,” Tomson added.
When the Bank opened, Andrew Jackson was President of the United States, which consisted of 24 states, veterans of the American Revolution were still living, and the City (then town) of Chicago became incorporated by 350 settlers.
“Like many long-established companies, we have shown resiliency through major historical events, and we continue to embrace change and innovation,” Tomson said. “We appreciate the continued support, throughout the years, that brings us to today: our shareholders, our customers, our employees and our communities.”
Chemung Canal Trust Company, headquartered in Elmira, NY, is a full-service community bank with full trust powers. Established in 1833, Chemung Canal Trust Company is the oldest locally owned and managed community bank in New York State.