Elmira Savings Bank Announces Shareholder Approval of

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ELMIRA, NY, December 16, 2021 (GLOBE NEWSWIRE) – Elmira Savings Bank (NASDAQ: ESBK) announces that the shareholders of Elmira Savings Bank (“Elmira”), at its special meeting of shareholders held on December 14, 2021, have voted to approve the proposed merger (the “Merger”) of Elmira with Community Bank, NA There were over 75% of the issued and outstanding shares represented at the Special Meeting and over 98% of the votes cast were voted to approve the merger.

“We are delighted that our shareholders have overwhelmingly approved the merger agreement with Community Bank, NA,” said Thomas M. Carr, President and CEO of Elmira Savings Bank.

On October 4, 2021, Elmira Savings Bank, in a joint press release with Community Bank System, Inc. (NYSE: CBU), announced that it had reached a definitive agreement for its acquisition by the banking subsidiary of Community Bank System, Community Bank, NA for approximately $ 82.8 million in cash. Community Bank System, with reported assets of over $ 15.3 billion, is headquartered in DeWitt, New York and is among the 125 largest banking institutions in the country.

Elmira Savings Bank, with total assets as of September 30, 2021 of $ 634.6 million, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state chartered bank with five offices in Chemung County, NY ; three offices in Tompkins County, NY; two offices in Steuben County, NY; an office in Cayuga County, NY; an office in Schuyler County; and a loan center in Broome County, NY.

With the exception of historical information contained in this press release, the matters addressed in this press release are forward-looking statements that involve risks and uncertainties, including the availability and timely acceptance of the Bank’s products, the impact of competitive products and pricing, growth management, and other risks detailed from time to time in the Bank’s publicly available regulatory reports.

For more information contact:
Thomas M. Carr, President and CEO
Elmira Savings Bank
333 Water Street East
Elmira, New York 14901
(607) 735-8660
Email tcarr@elmirasavingsbank.com

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