The three former Elmira savings banks in Ithaca changed their brown, gold and black logos to Community Bank red and white in recent days as a combination of two century-old banks was completed.
The $82.8 million cash acquisition of Elmira Savings Bank by Community Bank NA, first announced in October 2021, was legally completed in mid-May. Elmira’s 12 branches located throughout the Finger Lakes region, including three in the Ithaca region, are now officially part of the Community Bank network of 220+ locations and operate under the name Community Bank NA.
The three Elmira Savings Bank branches in the converted area are at 2300 Triphammer Road in Lansing Village, and 702 South Meadow Street and 602 West State Street in Ithaca City. There was already a community bank at 200 East Buffalo Street.
“We are pleased to welcome Elmira customers and employees to Community Bank. Over the past 150 years, Elmira has developed a culture dedicated to exceptional customer service and meeting the banking needs of its communities. Community Bank shares these same values and looks forward to the opportunity to continue serving Elmira’s customers,” Community Bank System President and CEO Mark E. Tryniski said in a statement announcing the completion of fusion.
Not all old ESBs were maintained; according to the press release, eight branches were added to the Community Bank’s total as a result of the merger. Elmira Savings Bank Corning, Erwin, Moravia and Watkins Glen branches have merged with nearby community branches, according to a community bank site listing its newest branches.
According to a worker adjustment and retraining notice from the New York State Department of Labor, 33 employees will also be laid off as a result of the acquisition.
“The permanent separations affecting 33 employees will take place from 05/13/2022 and will continue until 07/07/2022,” reads the notice, which was made public on January 27.
Community Bank, based in DeWitt, has offices throughout New England, New York and Pennsylvania and currently has over $16.2 billion in financial assets, placing it among the top 125 banking institutions. from the country.
ESB opened in 1826 in its namesake town and has been in Ithaca for two decades. In 2007, ESB purchased two branches of First Niagara Bank, increasing its presence in Ithaca. Community Bank can also trace its origins to the 19th century; its predecessor, the St. Lawrence County National Bank, received its charter in 1868.
This story was originally published by The Ithaca Times as part of The Cornell Daily Sun Ithaca News Fellowship.