Tompkins Financial Corporation operates as a financial holding company. As of December 31, 2014, the company’s subsidiaries included: four wholly-owned banking subsidiaries, Tompkins Trust Company (the Trust Company), The Bank of Castile (DBA Tompkins Bank of Castile), Mahopac Bank, VIST Bank (DBA Tompkins VIST Bank); and a wholly-owned insurance agency subsidiary, Tompkins Insurance Agencies, Inc. (Tompkins Insurance). The company is a locally oriented, community-based financial services organization that offers a full array of products and services, including commercial and consumer banking, leasing, trust and investment management, financial planning and wealth management, and insurance. Segments The company has three business segments, Banking, Insurance and Wealth Management. Banking segment Banking services consist primarily of attracting deposits from the areas served by the company’s 4 banking subsidiaries’ 66 banking offices, (46 offices in New York and 20 offices in Pennsylvania) and using those deposits to originate various commercial loans, agricultural loans, consumer loans, real estate loans, and leases in those same areas. The company maintains a portfolio of securities, such as obligations of the U.S. government agencies and the U.S. government sponsored entities, obligations of states and political subdivisions thereof, and equity securities. It invests in securities with short to intermediate average lives in order to match the interest rate sensitivities of its assets and liabilities. Insurance segment Insurance services include property and casualty insurance, employee benefit consulting, and life, long-term care and disability insurance. Tompkins Insurance is headquartered in Batavia, New York. Tompkins Insurance offers services to customers of the company’s banking subsidiaries by sharing offices with The Bank of Castile, Trust Company, and VIST Bank. In addition to these shared offices, Tompkins Insurance has five stand-alone offices in Western New York, two stand-alone offices in Tompkins County, New York and one stand-alone office in Montgomery County, Pennsylvania. Wealth Management segment Wealth management services consists of investment management, trust and estate, financial and tax planning, as well as life, disability and long-term care insurance services. Wealth management services are under the trade name Tompkins Financial Advisors. Tompkins Financial Advisors has office locations at all four of the company’s subsidiary banks. The company’s lending activities include loans for various business purposes, including real estate financing, construction, equipment financing, accounts receivable financing, and commercial leasing. Other commercial services include deposit and cash management services, letters of credit, sweep accounts, credit cards, purchasing cards, Internet-based account services, and remote deposit services. The company’s subsidiary banks provide various retail banking services, including checking accounts, savings accounts, time deposits, IRA products, brokerage services, residential mortgage loans, personal loans, home equity loans, credit cards, debit cards and safe deposit services. Retail services are accessible through various delivery systems including branch facilities, ATMs, voice response, Mobile banking, Internet banking, and remote deposit services. Strategy The company’s strategic initiatives include diversification within its markets, growth of its fee-based businesses, and growth internally and through acquisitions of financial institutions, branches, and financial services businesses. As such, the company from time to time considers acquiring banks, thrift institutions, branch offices of banks or thrift institutions, or other businesses within markets served by the company or in other locations that would complement the company’s business or its geographic reach. The company generally targets merger or acquisition partners that are culturally similar and have experienced management and possess either significant market presence or have potential for improved profitability through financial management, economies of scale and expanded services. Regulations As a registered financial holding company, the company is regulated under the Bank Holding Company Act of 1956 (BHC Act), as amended and is subject to examination and comprehensive regulation by the Federal Reserve Board (FRB). The company is also subject to the jurisdiction of the Securities and Exchange Commission (SEC) and is subject to disclosure and regulatory requirements under the Securities Act of 1933, as amended, and the Securities Act of 1934, as amended. The company’s banking subsidiaries are subject to examination and comprehensive regulation by various regulatory authorities, including the Federal Deposit Insurance Corporation (FDIC), the New York State Department of Financial Services (NYSDFS), and the Pennsylvania Department of Banking and Securities (PDBS). Each of these agencies issues regulations and requires the filing of reports describing the activities and financial condition of the entities under its jurisdiction. Likewise, such agencies conduct examinations on a recurring basis to evaluate the safety and soundness of the institutions, and to test compliance with various regulatory requirements, including consumer protection, privacy, fair lending, the Community Reinvestment Act, the Bank Secrecy Act, sales of non-deposit investments, electronic data processing, and trust department activities. The company’s wealth management subsidiary is subject to examination and regulation by various regulatory agencies, including the SEC and the Financial Industry Regulatory Authority (FINRA). The trust division of Tompkins Trust Company is subject to examination and comprehensive regulation by the FDIC and NYSDFS. The company’s insurance subsidiary is subject to examination and regulation by the NYSDFS and the Pennsylvania Insurance Department. History Tompkins Financial Corporation was founded in 1836. The company was incorporated under the laws of the state of New York in 1995.
tompkins financial corp (TMP:NYSE Amex)
PO Box 460
Ithaca, NY 14851
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