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Chemung Financial Announces Increase in Quarterly Dividend



Chemung Financial Announces Increase in Quarterly Dividend

ELMIRA, N.Y., Feb. 21, 2013 (GLOBE NEWSWIRE) -- Chemung Financial Corporation
(Nasdaq:CHMG) announced today that its Board of Directors has approved a
quarterly cash dividend of $0.26 per share, payable on April 1, 2013, to
common stock shareholders of record as of the close of business on March 18,
2013. The current dividend represents a 4.0% increase over the $0.25 dividend
paid on December 31, 2012.

Chemung Financial Corporation is a $1.2 billion financial services holding
company headquartered in Elmira, New York and operates 28 retail offices
through its principal subsidiary, Chemung Canal Trust Company, a full-service
community bank with full trust powers. Established in 1833, Chemung Canal
Trust Company is the oldest locally-owned and managed community bank in New
York State. Chemung Financial Corporation is also the parent of CFS Group,
Inc., a financial services subsidiary offering non-traditional services
including mutual funds, annuities, brokerage services, tax preparation
services and insurance. CFS Group, Inc. was founded in 2001.

This press release may be found at www.chemungcanal.com under Shareholder
Info.

This press release may include forward-looking statements with respect to
revenue sources, growth, market risk, corporate objectives and possible losses
due to asset quality. These statements constitute "forward-looking" statements
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. Chemung Financial Corporation
assumes no duty, and specifically disclaims any obligation to update
forward-looking statements, whether as a result of new information, future
events or otherwise, and cautions that these statements are subject to risks
and uncertainties that could cause the Corporation's actual operating results
to differ materially.

CONTACT: Mark A. Severson, EVP and CFO
         Phone 607-737-3714
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