Elmira Savings Bank Declares Cash Dividend

ELMIRA, NY--(Marketwire - May 23, 2012) - The Board of Directors of Elmira Savings Bank (NASDAQ: ESBK) has declared a $0.22 per share cash dividend on their existing common shares outstanding. The cash dividend will be paid on June 27, 2012 to shareholders of record June 12, 2012. The Bank also declared a dividend on their preferred shares outstanding.

"We are pleased to be able to share the Bank's financial success with our shareholders through continued cash dividends," said Michael P. Hosey, President and Chief Executive Officer.

Elmira Savings Bank with $521.0 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.

Contact Information:

For further information contact:
Thomas M. Carr
Elmira Savings Bank
333 East Water Street
Elmira, New York 14901
(607) 735-8660