SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 13, 1998
CHEMUNG FINANCIAL CORPORATION
(Exact name of Registrant as Specified in Charter)
New York 0-13888 16-3703-8
(State or Other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
One Chemung Canal Plaza, Elmira, New York 14902
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number,including area code(607)737-3711
(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events
On May 13, 1998 the Registrant's Board of Directors
approved a resolution authorizing a stock dividend of one share
of common stock of the Registrant, par value $0.01 per share, to
be paid on each issued share of such common stock. The stock
dividend shall be payable on June 1, 1998 to stockholders of
record as of the close of business on May 14, 1998.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
(c) Exhibits:
(99) Attached to this Form 8-K as Exhibit A and
incorporated by reference to Item 7(c) is a Press
Release dated May 13, 1998 announcing the stock
dividend among other things.
FORM 8-K
CURRENT REPORT
ITEM 7(c)
EXHIBIT INDEX
CHEMUNG FINANCIAL CORPORATION
ELMIRA, NEW YORK
___________________________________________________________
PAGE NUMBER WHERE
SEQUENTIALLY INCORPORATED BY
EXHIBIT NUMBERED PAGE REFERENCE
A- Press Release 4 2
PRESS RELEASE
For Release May 13th @ 9:30 PM
May 13, 1998
CHEMUNG FINANCIAL BOARD INCREASES DIVIDEND, VOTES 2-1 SPLIT
The Board of Directors of Chemung Financial Corporation today
voted to increase its quarterly dividend by 9.7% and also voted a
2-1 split payable in the form of a 100 percent stock dividend
payable June 1, 1998 to stockholders of record on May 14, 1998.
The split was subject to approval of an increase in the number of
authorized shares by Chemung Financial's shareholders at their
annual meeting later in the day.
Assuming shareholder approval of the increase in authorized
shares the new quarterly dividend will 17 cents per share,
payable to shareholders of record on June 16, 1998. If the Board
had not voted to split the shares, the new dividend would be $34
cents versus $31 cents.
In releasing the announcement, Jan P. Updegraff, President & CEO
stated:
"Our shares have performed well in the market
place over the past two years and have moved to a level
which we think justifies the split. This move will
attract new investors who perceive the lower level to
be more attractive.
The increase in the cash dividend is more than
justified by the momentum of our earnings."
Exhibit A
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned hereunto duly authorized.
CHEMUNG FINANCIAL CORPORATION
By ____________________________________
/s/Jan P. Updegraff
President and Chief Executive Officer
Date: May 14, 1998
