Brief: Chemung - Unit Owns $4.2 Mln Participating Interest In $36.0 Mln Commercial Credit Secured By Business Assets

Chemung Financial

12/09/2019 22:33

Sept 12 (Reuters) - Chemung Financial Corp  CHMG.O :
    * CHEMUNG FINANCIAL - UNIT OWNS A PARTICIPATING INTEREST
TOTALING
$4.2 MILLION IN AN APPROXIMATELY $36.0 MILLION COMMERCIAL CREDIT
SECURED BY BUSINESS ASSETS
    * CHEMUNG FINANCIAL CORP - LEAD LENDER RECENTLY ADVISED BANK
OF A
DEFAULT ON CREDIT DUE TO POTENTIALLY FRAUDULENT ACTIVITY
    * CHEMUNG FINANCIAL CORP - EXPECTS THAT Q3 2019 NET INCOME
AND NET
INCOME PER SHARE WILL BE ADVERSELY AFFECTED
    * CHEMUNG FINANCIAL CORP - BANK EXPECTS TO REMAIN
WELL-CAPITALIZED
SUBSEQUENT TO RECORDING ANY POTENTIAL LOSS ASSOCIATED WITH THIS
CREDIT
    * CHEMUNG FINANCIAL CORP - BANK BELIEVES THIS INCIDENT IS
ISOLATED
TO SUBJECT CREDIT

Source text for Eikon: https://bit.ly/2lL5G5J
Further company coverage:  CHMG.O 

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