PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

May 3, 2007

Commission file number:
0-13888

CHEMUNG FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)

incorporation or organization)

Identification No.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(B) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.01.

COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.

On May 3, 2007, Chemung Canal Trust Company, subsidiary bank of Chemung Financial Corporation, completed its acquisition of trust assets from Partners Trust Bank, a subsidiary of Partners Trust Financial Group, Inc., at a purchase price of approximately $5.2 million.

A press release announcing the purchase is filed as Exhibit 99.1 to this report.

ITEM 9.01

FINANCIAL STATEMENTS AND EXHIBITS

(a)

Not Applicable

(b)

Not Applicable

(c)

Exhibits

Exhibit No.

99.1

Press Release dated May 3, 2007

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, thereunto duly authorized.

CHEMUNG FINANCIAL CORPORATION

May 3, 2007

By: Ronald M. Bentley

Ronald M. Bentley

President & Chief Executive Officer