NEW YORK—The Federal Reserve Bank of New York approved applications by Chemung Financial Corporation, Elmira, New York, for prior approval of the Board of Governors of the Federal Reserve System, pursuant to Sections 3(a)(3) and 3(a)(5) of the Bank Holding Company Act of 1956, as amended, to acquire Canton Bancorp, Inc., and its wholly-owned subsidiary, the Bank of Canton, both of Canton, Pennsylvania, and for the Bank of Canton, Canton, Pennsylvania, to merge with, and into, Chemung Canal Trust Company, Elmira, New York, pursuant to section 18(c) of the Federal Deposit Insurance Act.
According to standard procedure, the proposal cannot be completed for 15 days. The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.
