Tompkins Financial Corporation
 | |
| Company type | Public |
|---|---|
| AMEX: TMP S&P 600 component | |
| Industry | Financial services |
| Founded | Ithaca, New York, U.S. (1836) |
| Headquarters | Ithaca, New York, U.S. , United States |
Area served | New York, Pennsylvania, U.S. |
Key people | |
| Products | Retail banking, corporate banking, insurance, asset management |
| Revenue |  US$ 336.81 million (2019)[1] |
 US$ 81.72 million (2019)[1] | |
| Total assets | US$ 6.726 billion (2019)[1] |
| Total equity | US$ 661.6 million (2019)[1] |
Number of employees | 1,048 (2019) |
| Subsidiaries |
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| Website | www |
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.
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
[edit]Tompkins Financial
(created 1995 as Tompkins Trustco) |
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References
[edit]- ^ a b c d "Tompkins Financial Corporation Common Stock (TMP)". www.nasdaq.com. Retrieved 2024-04-16.
- ^ Federal Reserve hierarchy search
- ^ a b "HISTORICAL PERSPECTIVE OF TOMPKINS TRUST COMPANY" (PDF). Tompkins Financial Corporation. 2011. Retrieved 12 March 2013.
- ^ Palmyra, Cassandra (16 January 2013). "Treman Family Guided Region Toward the Future For Two Centuries". Ithaca Times. Retrieved 12 July 2013.
- ^ "Cornell Remembers Treman". The Cornell Daily Sun. 22 September 2004. Retrieved 12 July 2013.
- ^ Marino, Vivian (24 March 1988). "Raymond Van Houtte Wore Many Different Hats". Associated Press News. Retrieved 12 July 2013.
- ^ Dupuis, Roger (17 Aug 2004). "Banker balanced career, family, civic life". Ithaca Journal. ProQuest 377889941.
- ^ Murtagh, Joseph (2 March 2011). "Tompkins Trust Company celebrates 175 years in business". Ithaca Times. Retrieved 12 March 2013.
- ^ "Tompkins draws down $21M to buy Sleepy Hollow Bancorp". LoHud.com. 13 May 2008. Retrieved 24 June 2013.
- ^ Dwyer, Dialynn (5 September 2012). "Tompkins Financial's Romaine talks about recent acquisition". Ithaca Times. Retrieved 12 March 2013.
- ^ a b "Mergers & Acquisitions". Tompkins Financial Corporation. Retrieved 24 June 2013.
- ^ "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.
- ^ "A Bank That Said "NO"". The Motley Fool. 15 November 2008. Retrieved 23 June 2013.
- ^ Montana, Rob (18 February 2009). "Ahead Of The Curve". Ithaca Times. Retrieved 30 August 2013.
- ^ "Tompkins Financial: Extremely Under The Radar Dividend Champion". Seeking Alpha. Jul 16, 2012. Retrieved 6 May 2014.
- ^ "Tompkins Financial: Small Company, Strong Dividend". Seeking Alpha. October 21, 2015. Retrieved 1 November 2015.
- ^ "Tompkins Financial Corporation identifies Dr. Thomas Rochon as successor to Board Chairman in 2014" (PDF). 1 August 2014. Retrieved 30 August 2013.
- ^ Drury, Tracey (March 18, 2014). "Name change for Bank of Castile". WKBW. Retrieved 6 May 2014.
- ^ Crandall, Brian (May 15, 2015). "Our 1st look at plans for 7-story downtown Ithaca building". Ithaca Voice. Retrieved 18 May 2015.
- ^ Crandall, Brian (12 June 2015). "Tompkins Financial applies for tax breaks for downtown Ithaca HQ". Ithaca Voice. Retrieved 1 November 2015.
- ^ 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.
- ^ O'Connor, Kelsey (20 June 2018). "Tompkins Trust Company officially opens new HQ in Downtown Ithaca". Ithaca Voice. Retrieved 20 June 2018.