Elmira Savings Bank Announces Repurchase of Preferred Shares

Elmira, New York, UNITED STATES

ELMIRA, N.Y., Dec. 08, 2017 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK) announced today that, for a purchase price of $9.4 million, it has completed the repurchase of 10,000 shares of its Series A Preferred Stock.  The preferred shares were repurchased at a discount to the $10,000 per share, or $10.0 million, liquidation value.  The preferred shares had been paying a quarterly dividend at an annual rate of 8.998%, which amounted to $900,000 in dividends paid out annually on preferred shares.  The 10,000 preferred shares were originally issued in 2007 and represented all of the Bank’s preferred shares that were outstanding.

“We are pleased to be able to repurchase all of our outstanding preferred shares,” said Thomas M. Carr, President and Chief Executive Officer.  Mr. Carr continued, “The elimination of the preferred dividend going forward will result in more of the Bank’s net income being available to our common shareholders.”

Elmira Savings Bank, with $559.4 million in total assets, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with six offices in Chemung County, NY; three offices in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County, NY; and a loan center in Broome 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.

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