Elmira Savings Bank Declares Stock and Cash Dividend

Elmira, New York, UNITED STATES

ELMIRA, N.Y., May 23, 2018 (GLOBE NEWSWIRE) -- The Board of Directors of Elmira Savings Bank (NASDAQ:ESBK) has declared a 5% stock dividend on existing common shares outstanding and a $.23 per share cash dividend on the newly issued and existing shares. The stock and cash dividend will be paid on June 15, 2018 to shareholders of record June 8, 2018.

“We are pleased to be able to provide this stock dividend, as well as our cash dividend, to reward our many loyal shareholders,” said Thomas M. Carr, President and Chief Executive Officer.  He continued, “The capital restructuring that we accomplished last year has allowed us to provide this dividend increase.”

Elmira Savings Bank, with $556.0 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