FEDERAL RESERVE BOARD DENIES APPLICATION BY CANANDAIGUA NATIONAL CORPORATION

The following information was released by the Federal Reserve Board:

The Federal Reserve Board on Friday denied an application by Canandaigua National Corporation, of Canandaigua, New York.

The firm provided a complementary activity notice to the Board proposing to engage in certain activity that would obligate it to acquire real property. Bank holding companies are generally prohibited from investing in real property under the Bank Holding Company Act.

After reviewing the proposal and considering all the facts and circumstances, the Board has determined that the proposed activity is inconsistent with the factors the Board is required to evaluate by law. The Board's order will be released following a review for confidential information related to the firm.

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