State Street in downtown Albany. Photo: Kenneth C. Zirkel via Wikimedia Commons, CC BY 4.0
Capital Bank customers in Albany, Colonie, Latham, Clifton Park, Saratoga Springs, Schenectady and Slingerlands will be banking under a different name by the end of next year, though not with a different bank.
Chemung Financial Corp., the Elmira holding company that owns Capital Bank, said on Oct. 1 that it will fold its three brands, Chemung Canal Trust Company, Capital Bank and Canal Bank, into a single name: Canal Bank & Trust, N.A. The company’s announcement stressed that the change is a rebrand only. Ownership, leadership, staff, products and community-banking approach stay the same.
For customers, the practical answer is that nothing needs doing. Accounts, checks, debit cards, online and mobile banking and loan payments will keep working as they do now, according to the company. The new name and logo are to be introduced in the coming months and rolled out through 2027, covering branch signs, digital banking, websites, social media and printed materials.
A 193-year-old bank with a Capital Region branch
The parent bank is old by any standard. Chemung Canal Trust Company was established in 1833 in Elmira and calls itself the oldest locally owned and managed community bank in New York State. It took its name from the Chemung Canal, which linked the Southern Tier to Seneca Lake and the state’s canal network in the 1830s.
“The Bank was founded shortly after the opening of the Chemung Canal, the Bank’s namesake and an important waterway that helped connect communities and commerce,” Regional President Jeffrey P. Kenefick said in the announcement. “The Canal Bank & Trust, N.A. name will continue to represent connection, trust, financial progress and forward movement across our footprint.”
The company came to the Capital Region in 2011, when it acquired Fort Orange Financial Corp., the parent of Capital Bank & Trust in Albany. It kept the Capital Bank name locally and also runs a division called Canal Bank. Today Chemung Financial is a $2.8 billion company with 30 offices, plus a subsidiary, CFS Group, that sells mutual funds, annuities, brokerage services, tax preparation and insurance.
The company said a single name will simplify the customer experience and line up its branches, digital channels and communications behind one identity. “This is a historic and important next step for our company,” Chief Executive Anders M. Tomson said. “The new Canal Bank & Trust, N.A. name honors that history while giving us a unified name that reflects where we came from, who we are today, and where we are heading.”
Daniel D. Fariello, president of Capital Bank, said the local identity customers know is not going away. “Capital Bank customers know us for responsive service, experienced local bankers and a commitment to this market,” he said. “Becoming Canal Bank & Trust, N.A. builds on those strengths while connecting customers more visibly to the resources of our full organization.”
Guarding against lookalike messages
Rebrands are a favorite moment for scammers, who send emails and texts that mimic a bank’s new look and ask customers to “update” or “verify” accounts. The company says no customer action is required, so any message asking for passwords, card numbers or account details in connection with the name change should be treated as suspect. Calling the number on the back of a debit card, or visiting a branch, is the safer way to check.
Customers may also want to note a few dates as the rollout moves along: when new checks and cards will be issued, and whether the web address for online banking changes. The October announcement did not include those details.
