Item 8.01. Other Events.

On January 8, 2021, Chemung Financial Corporation ("the Corporation"), and Chemung Canal Trust Company, a wholly owned subsidiary of Chemung Financial Corporation, announced that the Board of Directors of the Corporation approved a new stock repurchase program whereby the Corporation may repurchase up to 250,000 shares of its common stock, or approximately 5% of its outstanding shares. The Corporation will not initiate the stock repurchase program until after the release of the Corporation's year-end earnings. The repurchase program permits shares to be repurchased in open market or privately negotiated transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

Repurchases will be made at management's discretion at prices management considers to be attractive and in the best interests of both the Corporation and its stockholders, subject to the availability of stock, general market conditions, the trading price of the common stock, alternative uses for capital, and the Corporation's financial performance. Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Securities and Exchange Commission and other applicable legal requirements.

The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Corporation to purchase any particular number of shares.

Item 9.01. Financial Statements and Exhibits.



(d) Exhibits

              Exhibit No.

                99.1           Press Release of Chemung Financial Corporation dated
                             January 8, 2021

              104            Cover Page Interactive Data File (embedded within the
                             Inline XBRL document)

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