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Canandaigua Natl Cor (CNND)

Canandaigua Natl Cor (CNND)
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Canandaigua National Corp is a New York corporation, organized on October 31, 1984. It is a bank holding company, provides financial solutions to individuals and small businesses. The Company's main operating subsidiaries are the The Canandaigua National Bank and Trust Company (Bank), CNB Mortgage Company and Genesee Valley Trust Company. The Bank provides a range of financial services to its retail, commercial and municipal customers through a variety of deposit, lending, trust, investment, and insurance products. These products are delivered through the Bank's network of community banking offices, which include drive-up facilities and automatic teller machines, other remote cash-dispensing machines, its customer call center, and the Internet. The Bank is a majority owner in a real estate investment trust (REIT), which invests in a portion of the Bank's amortizing residential real estate loans, and a portion of the Bank's amortizing commercial real estate loans. CNB Mortgage Company (formerly known as Home Town Funding, Inc.), operates as the Company's mortgage department, and offers a line of mortgage products. It is engaged in underwriting and funding mortgages mainly in Western New York State, and it resells residential mortgage loans to the Bank and unaffiliated entities that service the loans. Genesee Valley Trust Company (GVT) is a state chartered trust company headquartered in Rochester, NY. It provides fiduciary, investment management, and retirement services. The Company's physical market area generally covers western Ontario County and Monroe County in New York State, where the Company operates its banking offices and ATMs. The Company competes with respect to its lending services, as well as in attracting deposits, with commercial banks, savings banks, savings and loan associations, insurance companies, regulated small loan companies, non-bank banks, credit unions, and investment managers. As a bank holding company, the Company is subject to the Bank Holding Company Act of 1956.
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