CHEMUNG FINANCIAL Business Summary

Chemung Financial Corp (CHMG) is a financial services holding company that generates revenue primarily through net interest income from its loan portfolio and fee-based non-interest income. Its operations are organized into three segments: Core Banking, which provides traditional retail and commercial banking services; Wealth Management Services (WMG), offering fiduciary, trust, and investment advisory solutions; and CFS Group, Inc., which delivers non-traditional services including brokerage, tax preparation, and insurance. With approximately $2.7 billion in assets as of early 2026, the firm operates 30 offices throughout New York and Pennsylvania. Chemung competes directly with Community Bank System (CBU), F.N.B. Corp (FNB), S&T Bancorp (STBA), and Univest Financial Corp (UVSP), maintaining a unique market niche as the oldest locally-owned community bank in New York State, prioritizing relationship-driven banking in legacy markets while expanding into the Albany and Buffalo regions. Leadership is spearheaded by President and CEO Anders M. Tomson, an industry veteran who joined in 2016 after serving in executive roles at TD Bank. The executive team includes EVP and CFO Dale M. McKim III, who previously held leadership positions at KPMG LLP and Evans Bancorp, and EVP/CIO Loren Dale Cole, who manages the firm’s digital transformation. Governance is overseen by a Board of Directors chaired by David J. Dalrymple, with significant insider ownership of approximately 20% highlighting strong alignment with shareholder interests. Although the company traces its origins back to its 1833 founding as Chemung Canal Trust Company, the current management team is focused on modernizing operations through robotic process automation and enhanced digital client experiences to drive long-term profitability.