Elmira Savings Bank Completes Conversion

ELMIRA, NY--(Marketwire - Jan 4, 2012) - Effective at midnight, December 31, 2011, Elmira Savings Bank (NASDAQ: ESBK) successfully completed its conversion from a federally chartered savings bank to a New York State chartered savings bank.

"We are very pleased to be able to accomplish the charter conversion by year-end. We look forward to working with the New York State Department of Financial Services and appreciate the professionalism and courtesy extended to us by the Office of the Comptroller of the Currency during this process," said Michael P. Hosey, President and Chief Executive Officer.

Elmira Savings Bank, with $523.2 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state chartered Bank with five offices in Chemung County, NY; three offices and a loan center in Tompkins County, NY; one office in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Cortland County, NY.

Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve the risks and uncertainties, including the timely availability and acceptance of Bank products, the impact of competitive products and pricing, the management of growth, and other risks detailed from time to time in the Bank's publicly available regulatory reports.