NEW YORK—The Federal Reserve Bank of New York today approved the application by Chemung Canal Trust Company, Elmira, New York, pursuant to Section 18(c) of the Federal Deposit Insurance Act for prior approval of the Board of Governors of the Federal Reserve System, to merge with Partners Interim Bank, a wholly owned subsidiary of Partners Trust Bank (“Partners Trust”), both of Utica, New York, and thereby acquire certain trust accounts from Partners Trust.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.