Elmira Savings Bank Announces Shareholder Approval of Merger Agreement

Elmira Savings Bank (NASDAQ:ESBK) announces that the Shareholders of Elmira Savings Bank (“Elmira”), at its Special Shareholders Meeting held on December 14, 2021, voted to approve the proposed merger (the “Merger”) of Elmira with Community Bank, N.A. There were more than 75% of the issued and outstanding shares represented at the Special Meeting and more than 98% of the votes cast were voted to approve the Merger.

“We are pleased that our shareholders have overwhelmingly approved the Merger Agreement with Community Bank, N.A.,” said Elmira Savings Bank President and CEO, Thomas M. Carr.

On October 4, 2021, Elmira Savings Bank, in a joint press release with Community Bank System, Inc. (NYSE:CBU), announced that it had entered into a definitive agreement to be acquired by Community Bank System’s bank subsidiary, Community Bank, N.A. for approximately $82.8 million in cash. Community Bank System, with reported assets of over $15.3 billion, is headquartered in DeWitt, New York and is among the country’s 125 largest banking institutions.

Elmira Savings Bank, with total assets at September 30, 2021 of $634.6 million, is insured by the Federal Deposit Insurance Corporation (FDIC) and is a state-chartered bank with five 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; 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 & CEOElmira Savings Bank333 East Water StreetElmira, New York 14901(607) 735-8660E-Mail [e-mail]