Chemung Canal Trust Co. Updates Beneficial Ownership in Parent Co.

TL;DR

**Chemung Canal Trust Co. updated its stake in Chemung Financial Corp, confirming its beneficial ownership as part of a group.**

AI Summary

Chemung Canal Trust Company, a subsidiary of Chemung Financial Corp, filed an amended Schedule 13G/A on January 10, 2024, indicating its beneficial ownership of Chemung Financial Corporation's common stock as of December 31, 2022. This filing, Amendment No. 28, updates previous disclosures, showing that the Trust Company is part of a group holding these shares. This matters to investors because it provides transparency into significant ownership stakes within the company, which can influence corporate governance and strategic decisions.

Why It Matters

This filing clarifies the ownership structure within Chemung Financial Corp, showing that its subsidiary, Chemung Canal Trust Company, beneficially owns shares, which can impact control and voting power.

Risk Assessment

Risk Level: low — This is a routine amendment to a beneficial ownership filing, indicating no immediate new risks or significant changes in control.

Analyst Insight

Investors should note this routine update on beneficial ownership, which confirms the existing relationship between Chemung Canal Trust Company and its parent, Chemung Financial Corporation. No immediate action is required, but it's a data point for understanding corporate structure.

Key Numbers

• 164024 10 1 — CUSIP Number (identifies the Common Stock, Par Value $0.01 of Chemung Financial Corporation)
• December 31, 2022 — Date of Event (the date as of which the beneficial ownership information is reported)
• Amendment No. 28 — Filing Amendment Number (indicates this is an update to previous filings)
• 16-0380815 — IRS Identification No. (for Chemung Canal Trust Company)

Key Players & Entities

• Chemung Canal Trust Company (company) — reporting person and beneficial owner
• Chemung Financial Corporation (company) — issuer of the securities
• State of New York (company) — place of organization for Chemung Canal Trust Company

Forward-Looking Statements

• Chemung Canal Trust Company will continue to maintain a significant beneficial ownership stake in Chemung Financial Corporation. (Chemung Canal Trust Company) — high confidence, target: 2025-12-31

FAQ

Key Financial Figures

• $0.01 — me of Issuer) Common Stock, Par Value $0.01 (Title of Class of Securities) 16402

Filing Documents

• a2022-12x31cctcsc13ga.htm (SC 13G/A) — 62KB
• 0000763563-24-000002.txt ( ) — 63KB

(a) Name of Issuer

Item 1(a) Name of Issuer Chemung Financial Corporation

(b) Address of Issuer's Principal Executive Offices

Item 1(b) Address of Issuer's Principal Executive Offices One Chemung Canal Plaza Elmira, New York 14901

(a) Name of Person Filing

Item 2(a) Name of Person Filing Chemung Canal Trust Company

(b) Address of Principal Business Office or, if None, Residence

Item 2(b) Address of Principal Business Office or, if None, Residence One Chemung Canal Plaza Elmira, New York 14901

(c) Citizenship

Item 2(c) Citizenship

(d) Title of Class of Securities

Item 2(d) Title of Class of Securities Common Stock, Par Value $0.01

(e) CUSIP Number

Item 2(e) CUSIP Number 164024 10 1

If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a

Item 3 If this statement is filed pursuant to 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a (a) Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o). (b) X Bank as defined in section 3(a) (6) of the Act (15 U.S.C. 78c). (c) Insurance company as defined in section 3(a) (19) of the Act (15 U.S.C. 78c). (d) Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8). (e) An investment adviser in accordance with 240.13d-1(b) (1) (ii) (E). (f) An employee benefit plan or endowment fund in accordance with 240.13d-1(b) (1) (ii) (F). (g) A parent holding company or control person in accordance with 240.13d-1(b) (1) (ii) (G). (h) A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813). (i) A church plan that is excluded from the definition of an investment company under section 3(c) (14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3). (j) Group, in accordance with 240.13d-1(b) (1) (ii) (J).

Ownership

Item 4 Ownership Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. (a) Amount beneficially owned 392,120 (b) Percent of class 8.35% based on 4,694,628 shares outstanding as of December 31, 2022, as reported by the issuer. (c) Number of shares as to which the person has (i) sole power to vote or to direct the vote 2,000 (ii) shared power to vote or to direct the vote 390,120 (iii) sole power to dispose or to direct the disposition of 2,000 (iv) shared power to dispose or to direct the disposition of 307,199 Item 5 If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following

Ownership of More than Five Percent on Behalf of Another Person

Item 6 Ownership of More than Five Percent on Behalf of Another Person The reporting person is a trust company that holds shares of the issuer's common stock in a variety of trust, estate, investment management, and custodial accounts. Co-executors and co-trustees of relevant estates and trusts and account beneficiaries had varying rights to receive andor power to direct the receipt of dividends from or the proceeds of sale of shares. Of the shares reported as beneficially owned by the reporting person, 121,847 shares (2.60% of the total outstanding) were held in trust under a tax-qualified retirement plan sponsored by the reporting person for the benefit of its employees. Item 7 Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company Not applicable.

Identification and Classification of Members of the Group

Item 8 Identification and Classification of Members of the Group Not applicable.

Notice of Dissolution of Group

Item 9 Notice of Dissolution of Group Not applicable.

Certification

Item 10 Certification By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect. SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated February 16, 2023 Signature By s Thomas W. Wirth NameTitle Thomas W. Wirth Its Executive Vice President

View Full Filing

View this SC 13G/A filing on SEC EDGAR