Elmira Savings Bank Purchases New Branch Location

ELMIRA, NY--(Marketwire - Jan 11, 2012) - Elmira Savings Bank (NASDAQ: ESBK) announced today that it has entered into an agreement with Empower Federal Credit Union to purchase their building located at 971 County Route 64 in Big Flats, NY. The transaction is expected to close on Friday, January 13, 2012.

"We are excited about securing a branch location in one of the busiest segments of our markets. This spacious facility has been recently constructed and offers the convenience of multiple lanes of drive-thrus, along with an abundance of parking," said Thomas M. Carr, Executive Vice President and Chief Operating Officer. He continued, "The facility also contains 7,000 square feet of undeveloped space that we will be looking to lease out to a complementary business."

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.