Tompkins Financial Corporation

Last updated
Tompkins Financial Corporation
Company type Public
AMEX:  TMP
S&P 600 component
Industry Financial services
Founded Ithaca, New York (1836)
Headquarters
Ithaca, New York
,
United States
Area served
 New York, Pennsylvania
Key people
Products Retail banking, corporate banking, insurance, asset management
RevenueIncrease2.svg US$ 336.81 million (2019) [1]
Decrease2.svg US$ 81.72 million (2019) [1]
Total assets Decrease2.svg US$ 6.726 billion (2019) [1]
Total equity Increase2.svg US$ 661.6 million (2019) [1]
Number of employees
1,048 (2019)
Subsidiaries
  • Tompkins Trust Company Tompkins Mahopac Bank
  • Tompkins Bank of Castile
  • Tompkins VIST Bank
  • Tompkins Insurance Agencies
  • Tompkins Financial Advisors
[2]
Website www.tompkinsfinancial.com

Tompkins Financial Corporation is a small, diversified financial services company based in Ithaca, New York. It is the parent of the Tompkins Trust Company, as well as several other banks, an insurance agency, and a wealth management division.

Contents

The bank traces its history to 1836, when the Tompkins County Bank was chartered by a special act of the New York State Assembly. After the National Bank Act of 1864, it was reorganized into the Tompkins County National Bank. In 1891, the Ithaca Trust Company was formed; in 1935, the two banks merged into the Tompkins County Trust Company. [3] For many years the bank was associated with the locally-prominent Treman family; the last family member to be President, Charles E. Treman, Jr., served from 1960 to 1978. [4] [5] From 1978 to 1989, the bank was led by Raymond Van Houtte, a late opponent of the Glass–Steagall Act. [6] [7]

Under the leadership of James J. Byrnes, CEO from 1989 to 2003, the Trust Company began to expand. [8] In 1995 the bank created a holding company for itself, Tompkins Trustco, which was renamed in 2007 to Tompkins Financial. In 1996, the bank opened its first branch outside of Tompkins County, [3] with the purchase of a small branch office in Odessa, New York. In 2000, it acquired the Bank of Castile in Western New York and Mahopac National Bank in the Hudson Valley. While most of the banks Tompkins Financial has acquired have kept their separate identities, in 2008 it paid $30.2 million for Sleepy Hollow Bank and merged its assets into Mahopac National Bank. [9] In 2012, Tompkins Financial acquired VIST Bank in suburban Philadelphia, paying $109.1 million. [10] [11]

The company's expansion has not been limited to banks: in the mid-2000s, Tompkins Financial acquired a number of independent insurance agencies, merging them into the newly created Tompkins Insurance Agencies, [11] and in 2006 acquired financial planning firm AM&M Financial Services [12] (renamed in 2011 to Tompkins Financial Advisors).

After the 2008 financial crisis, Tompkins Financial was lauded for not issuing subprime mortgages or investing in securities backed by them. [13] Tompkins Financial also declined to participate in the federal government's bank bailout in 2008. [14] The company has also raised its dividend to shareholders every year since 1987. [15] [16]

On August 1, 2013, Tompkins Financial announced that Byrnes, who had served as board chairman since the company's creation, would step down in 2014. [17] He was succeeded by Ithaca College President Tom Rochon.

In March 2014, Tompkins Financial announced that it was re-branding itself by adopting a new logo, and renaming its subsidiary banks to start with "Tompkins." Previously, all its acquired banks had retained their original names, keeping with Tompkins's promise of local control. [18]

In April 2015, Tompkins Financial announced plans to build a new headquarters in downtown Ithaca, adjacent to its current headquarters on the Ithaca Commons. [19] Currently nearly 300 corporate and back-office employees are spread throughout the Ithaca area; the seven-story, 110,000sqft building would bring them all under one roof. [20] [21] Construction began in June 2016, and was completed in the summer of 2018, at a total cost of $39 million. [22]

Acquisition History

Tompkins Financial
(created 1995 as Tompkins Trustco)
Tompkins County Trust Company
merged 1935

Tompkins County Bank
(est. 1836)

Ithaca Trust Company
(est. 1891)

acq. 1935

First National Bank of Trumansburg

Bank of Castile
(acq. 2000)

Mahopac National Bank
(acq. 2000)

AM&M Financial Services
(acq. 2006)

Sleepy Hollow Bank
(acq. 2008)

VIST Bank
(acq. 2012)

Related Research Articles

<span class="mw-page-title-main">Ithaca, New York</span> City in New York, United States

Ithaca is a city in and the county seat of Tompkins County, New York, United States. Situated on the southern shore of Cayuga Lake in the Finger Lakes region of New York, Ithaca is the largest community in the Ithaca metropolitan statistical area. It is named after the Greek island of Ithaca. As of 2020, the city's population was 32,108.

<span class="mw-page-title-main">Trumansburg, New York</span> Village in New York, United States

Trumansburg is a village in Tompkins County, New York, United States. The population was 1,797 at the 2010 census. The name incorporates a misspelling of the surname of the founder, Abner Treman. The Tremans spelled their surname several different ways; "Truman," however, was not one of them. The village's application for a post office established the present spelling. The Village of Trumansburg is located within the Town of Ulysses and is northwest of Ithaca, New York.

<span class="mw-page-title-main">Canada Trust</span> Defunct Canadian financial services firm

CT Financial Services Inc., operating as Canada Trust, was a financial services holding company headquartered in Toronto, Ontario, which operated in Canada through its trust company subsidiaries, including Canada Trustco Mortgage Company and The Canada Trust Company.

<span class="mw-page-title-main">M&T Bank</span> Large American Regional Bank

M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 1,000+ branches in 12 states across the Eastern United States, from Maine to Northern Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.

<span class="mw-page-title-main">TIAA</span> Financial services organization

The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund is an American financial services organization that is a private provider of financial retirement services in the academic, research, medical, cultural and governmental fields. TIAA is listed on the Fortune 100 and serves over 5 million active and retired employees participating at more than 15,000 institutions and has $1 trillion in combined assets under management with holdings in more than 50 countries.

<span class="mw-page-title-main">Truist Financial</span> Banking company in the U.S.

Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T and SunTrust Banks. Its bank operates 2,781 branches in 15 states and Washington, D.C., offering consumer and commercial banking, securities brokerage, asset management, mortgage, and insurance products and services. It is on the list of largest banks in the United States by assets; as of August 2023, it is the 9th largest bank with $514 billion in assets. As of January 2021, Truist Insurance Holdings is the seventh largest insurance broker in the world, with $2.27 billion in annual revenue.

<span class="mw-page-title-main">Allan H. Treman State Marine Park</span> State park and marina in Tompkins County, New York

Allan H. Treman State Marine Park is a 91-acre (0.37 km2) state park and marina located in the City of Ithaca in Tompkins County, New York, United States. The park is located at the south end of Cayuga Lake, one of the 11 Finger Lakes of New York. The park's namesake, Allan Hosie Treman (1899-1975) was a Cornell University law professor, Ithaca city counsel, and member of the Finger Lakes Park Commission. He is the son of Robert H. Treman, who also has a state park named in his honor.

<span class="mw-page-title-main">Robert H. Treman State Park</span> State park in New York, United States

Robert H. Treman State Park is a 1,110-acre (4.5 km2) state park located in Tompkins County, in the Finger Lakes region of New York in the United States. The park is situated in the towns of Ithaca, Enfield and Newfield.

<span class="mw-page-title-main">Manulife</span> Canadian multinational insurance company and financial services provider

Manulife Financial Corporation is a Canadian multinational insurance company and financial services provider headquartered in Toronto, Ontario. The company operates in Canada and Asia as "Manulife" and in the United States primarily through its John Hancock Financial division. As of December 2021, the company employed approximately 38,000 people and had 119,000 agents under contract, and has CA$1.4 trillion in assets under management and administration. Manulife at one point serviced over 26 million customers worldwide.

<span class="mw-page-title-main">Ithaca Commons</span> Place of local interest in New York State

The Ithaca Commons is a two-block pedestrian mall in the business improvement district known as Downtown Ithaca that serves as the city's cultural and economic center. The Commons is a popular regional destination, and is filled with upscale restaurants and shops, public art, and frequent community festivals.

<span class="mw-page-title-main">Custodian bank</span> Type of financial institution

A custodian bank, or simply custodian, is a specialized financial institution responsible for providing securities services. It provides post-trade services and solutions for asset owners, asset managers, banks and broker-dealers. It is not engaged in "traditional" commercial or consumer/retail banking like lending.

<span class="mw-page-title-main">Regions Financial Corporation</span> Financial services company based in Birmingham, Alabama

Regions Financial Corporation is an American bank holding company headquartered in the Regions Center in Birmingham, Alabama. The company provides retail banking and commercial banking, trust, stockbrokerage, and mortgage services. Its banking subsidiary, Regions Bank, operates 1,952 automated teller machines and 1,454 branches in 16 states in the Southern and Midwestern United States.

<span class="mw-page-title-main">Busey Bank</span> Illinois Bank

First Busey Bank is a financial institution headquartered in Champaign, Illinois, and operates in Illinois, Indiana, and southwest Florida. It is owned by First Busey Holding, a financial holding company.

<span class="mw-page-title-main">TrustCo Bank</span> Commercial bank within the United States

Trustco Bank is a commercial bank within the United States. Trustco was founded in Schenectady, New York in 1902 and is headquartered in Glenville, New York. Trustco has 145 branches spread among New York, Florida, Massachusetts, New Jersey, and Vermont. Trustco Bank is an Equal Housing Lender and an Insured member of the Federal Deposit Insurance Corporation. The company operates under the slogan, "Your Home Town Bank."

<span class="mw-page-title-main">Huntington Bancshares</span> Bank holding company headquartered in Columbus, Ohio

Huntington Bancshares Incorporated is an American bank holding company headquartered in Columbus, Ohio. The company is ranked 466th on the Fortune 500 as of 2024, and is 26th on the list of largest banks in the United States.

<span class="mw-page-title-main">BNY Mellon</span> American bank

The Bank of New York Mellon Corporation, commonly known as BNY Mellon, is an American banking and financial services corporation headquartered in New York City. The bank offers investment management, investment services, and wealth management services. BNY Mellon was formed from the merger of The Bank of New York and the Mellon Financial Corporation in 2007. It is the world's largest custodian bank and securities services company, with $1.8 trillion in assets under management and $45.7 trillion in assets under custody as of 2023. It is considered a systemically important bank by the Financial Stability Board.

<span class="mw-page-title-main">American National Bank of Texas</span>

American National Bank of Texas (ANBTX) is an independently owned community bank with 28 branches in North Texas, providing personal and business banking services. It also offers asset management, financial planning, investment services, and trust and estate services through ANBTX Wealth Management.

<span class="mw-page-title-main">Northwestern Mutual</span> American financial services company

Northwestern Mutual is an American financial services mutual organization based in Milwaukee, Wisconsin. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, Financial Planning trust and private client services, estate planning and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services. Northwestern Mutual ranked No. 90 on the 2021 Fortune 500 list of the largest United States corporations by total revenue and is in the top 30 by assets held. The firm distributes a portion of its earnings to eligible policyholders as annual dividends.

The Royal Trust Company is a Canadian trust company that was founded in 1892 in Montreal, Quebec. By the late 20th century, it carried out trust, financial, real estate and deposit services in over 100 branches in Canada, the U.S. and overseas. In 1993, the company was bought by the Royal Bank of Canada, and Royal Trust is now part of RBC Wealth Management.

<span class="mw-page-title-main">TCF Financial Corporation</span> Former American financial services company

TCF Financial Corporation was a bank holding company based in Detroit, Michigan. The current incarnation of the company was formed by a 2019 merger between the former TCF, which was established in 1923 in Wayzata, Minnesota, and the Michigan-based Chemical Financial Corporation. In December 2020, TCF announced a merger with Huntington Bancshares. It was announced on May 26, 2021, that TCF Bank will be required by the Department of Justice to sell off 13 branches in Michigan. These branches were purchased by Horizon Bank at the end of the third quarter. The final approval has been given for the merger and the merger was complete on June 9, 2021. The combined bank has $175 billion in assets.

References

  1. 1 2 3 4 "Tompkins Financial Corporation Common Stock (TMP)". www.nasdaq.com. Retrieved 2024-04-16.
  2. ↑ Federal Reserve hierarchy search
  3. 1 2 "HISTORICAL PERSPECTIVE OF TOMPKINS TRUST COMPANY" (PDF). Tompkins Financial Corporation. 2011. Retrieved 12 March 2013.
  4. ↑ Palmyra, Cassandra (16 January 2013). "Treman Family Guided Region Toward the Future For Two Centuries". Ithaca Times . Retrieved 12 July 2013.
  5. ↑ "Cornell Remembers Treman". Cornell Daily Sun . 22 September 2004. Retrieved 12 July 2013.
  6. ↑ Marino, Vivian (24 March 1988). "Raymond Van Houtte Wore Many Different Hats". Associated Press News . Retrieved 12 July 2013.
  7. ↑ Dupuis, Roger (17 Aug 2004). "Banker balanced career, family, civic life". Ithaca Journal . ProQuest   377889941.
  8. ↑ Murtagh, Joseph (2 March 2011). "Tompkins Trust Company celebrates 175 years in business". Ithaca Times . Retrieved 12 March 2013.
  9. ↑ "Tompkins draws down $21M to buy Sleepy Hollow Bancorp". LoHud.com . 13 May 2008. Retrieved 24 June 2013.
  10. ↑ Dwyer, Dialynn (5 September 2012). "Tompkins Financial's Romaine talks about recent acquisition". Ithaca Times . Retrieved 12 March 2013.
  11. 1 2 "Mergers & Acquisitions". Tompkins Financial Corporation. Retrieved 24 June 2013.
  12. ↑ "Tompkins Trustco, Inc. to Acquire AM&M Financial Services, Inc.; Deal Expands Tompkins' Financial Planning and Wealth Management Expertise". Business Wire . 21 November 2005. Retrieved 23 June 2013.
  13. ↑ "A Bank That Said "NO"". The Motley Fool . 15 November 2008. Retrieved 23 June 2013.
  14. ↑ Montana, Rob (18 February 2009). "Ahead Of The Curve". Ithaca Times. Retrieved 30 August 2013.
  15. ↑ "Tompkins Financial: Extremely Under The Radar Dividend Champion". Seeking Alpha . Jul 16, 2012. Retrieved 6 May 2014.
  16. ↑ "Tompkins Financial: Small Company, Strong Dividend". Seeking Alpha . October 21, 2015. Retrieved 1 November 2015.
  17. ↑ "Tompkins Financial Corporation identifies Dr. Thomas Rochon as successor to Board Chairman in 2014" (PDF). 1 August 2014. Retrieved 30 August 2013.
  18. ↑ Drury, Tracey (March 18, 2014). "Name change for Bank of Castile". WKBW . Retrieved 6 May 2014.
  19. ↑ Crandall, Brian (May 15, 2015). "Our 1st look at plans for 7-story downtown Ithaca building". Ithaca Voice. Retrieved 18 May 2015.
  20. ↑ Crandall, Brian (12 June 2015). "Tompkins Financial applies for tax breaks for downtown Ithaca HQ". Ithaca Voice. Retrieved 1 November 2015.
  21. ↑ Stein, Jeff (4 April 2015). "Why the Tompkins Trust Company is building a 7-story HQ in downtown Ithaca". Ithaca Voice. Retrieved 1 November 2015.
  22. ↑ O'Connor, Kelsey (20 June 2018). "Tompkins Trust Company officially opens new HQ in Downtown Ithaca". Ithaca Voice. Retrieved 20 June 2018.

42°26′26″N76°29′53″W / 42.440644°N 76.498005°W / 42.440644; -76.498005 (Tompkins Financial corporate headquarters)

This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.