Elmira Savings Bank Announces $9.5 Million Private Placement

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| Source: Elmira Savings Bank

ELMIRA, N.Y., April 24, 2017 (GLOBE NEWSWIRE) -- Elmira Savings Bank (NASDAQ:ESBK), Elmira, New York, announced today that it has completed a private placement with institutional and selected accredited investors of 548,000 shares of common stock at a purchase price of $17.25 per share for gross proceeds of $9.5 million.  Sandler O’Neill + Partners, L.P. acted as the sole placement agent for the offering.

“We are pleased to announce the successful completion of a private placement of our common stock.  This new capital will be used to support growth opportunities in markets we serve and further enhance the value of our franchise,” said Thomas M. Carr, President and Chief Executive Officer.   

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration, or an applicable exemption from registration under the Securities Act and applicable state securities laws.

About Elmira Savings Bank

Elmira Savings Bank, with $571.0 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 and a loan center in Tompkins County, NY; two offices in Steuben County, NY; one office in Cayuga County, NY; one office in Schuyler County; and a loan center in Broome County, NY.

Forward-Looking Statements

This release may include forward-looking statements related to Elmira Savings Bank's plans, beliefs and goals, which involve 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 regulatory reports. These risks and uncertainties could cause actual results to differ materially from those in forward-looking statements. The forward-looking information that may be presented in this press release is not a guarantee of future events, and actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. All such statements speak only as of the date made, and Elmira Savings Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

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