ELMIRA, N.Y., July 05, 2016 (GLOBE NEWSWIRE) -- Chemung Financial Corporation (NASDAQ:CHMG) today announced that its common stock has rejoined the Russell 2000 Index, effective at the close of trading on June 24, 2016.
By definition: the Russell 2000 Index is an index measuring the performance of 2,000 small-cap companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States.
“Our inclusion in the Russell 2000 Index increases our company’s visibility within the investment community and creates an opportunity to increase the liquidity of our shares for current and future shareholders,” said Ronald M. Bentley, Chief Executive Officer of Chemung Financial.
Each June the index is rebalanced based on the market capitalization of U.S. stocks. Chemung Financial stock was last included in the index from July 2013 through June 2014.
At March 31, 2016 Chemung Financial Corporation reported total assets of $1.6 billion and total equity of $141 million. Chemung Financial Corporation is the financial services holding company for Chemung Canal Trust Company.
Established in 1833, Chemung Canal Trust Company, headquartered in Elmira, NY, is a full-service community bank with full trust powers and is the oldest locally-owned and managed community bank in New York State. Chemung Canal Trust Company currently operates 33 full-service banking offices in 11 counties in New York and one county in northern Pennsylvania.
Chemung Financial Corporation is also the parent of CFS Group, Inc., a financial services subsidiary offering non-traditional services including mutual funds, annuities, brokerage services, tax preparation services and insurance. CFS Group, Inc. was founded in 2001.
The full text of this press release may be found at www.chemungcanal.com
This press release may include forward-looking statements with respect to revenue sources, growth, market risk, corporate objectives and possible losses due to asset quality. These statements constitute “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Chemung Financial Corporation assumes no duty, and specifically disclaims any obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, and cautions that these statements are subject to risks and uncertainties that could cause the Corporation’s actual operating results to differ materially.
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Source:Chemung Financial Corp