Bank of Chemung - Elmira, New York 1978

Bank of Chemung - Elmira, New York 1978

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Bank of Chemung - Elmira, New York 1978
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Beautifully engraved check from the Bank of Chemung issued in 1878. This historic document was printed by the American Banknote Company - New York and has a border around it with a vignette of two men working beside a locomotive and a telegraph line in a pasture. There is also a underprint of a Revenue Stamp. This item is hand signed by the Cashier and is over 125 years old.
Check Vignette Since October 22, 1833, Chemung Canal Trust Company has provided continuous, progressive financial and credit services to this area. When the doors first opened, Andrew Jackson was President of the United States, which consisted of only twenty-four states. Only two years earlier, the first steam-propelled locomotive made its initial trip from Albany to Schenectady; stage coach lines were still big business; the Chemung Canal had just opened; and, the Erie Railroad was still a dream. The first bank statement dated November 2, 1833, ten days after opening for business, showed assets of $318,525 with deposits of $10,390. Our current financial statement shows how far we've come. After one year in temporary quarters, the bank moved into its first permanent home at 413-415 East Water Street, in Elmira. The original bank building still stands and is now the home of the Chemung County Historical Society. This building served the Bank for 86 years, until 1920. By that time, the Bank needed larger quarters and moved into a new building at 129 East Water Street. Fifty-one years later, in August 1971, the Bank moved into its present Main Office at One Chemung Canal Plaza. The building at 129 East Water, which was on the southwest corner of our parking lot, was demolished at that time. Chemung Canal Trust Company has a unique history of having been both a public corporation and a private family bank. When originally chartered, the bank issued stock and was publicly owned. In 1857, John Arnot's family gained control of the bank and operated a private family bank for 46 years. In 1903, the bank returned to public ownership and added trust powers to its general banking activities.


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