Chemung Canal Trust, NY's Oldest Independent Bank, Celebrates 190th Year

[Elmira Telegram 285]

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(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.

 

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